Ripple again at 0.6000 level, Tron falls under pressure
Ripple price is quite stable this week, holding above the 0.6000 level.
Tron’s previous seven-day bullish trend was halted on Wednesday at the 0.123930 level.
Ripple chart analysis
Ripple price is quite stable this week, holding above the 0.6000 level. Yesterday, we saw a test of the weekly open price at 0.6000. The testing was completed successfully, and a bullish consolidation up to the 0.6200 level was initiated. We have been consolidating here since this morning, and we need a new impulse to push us to the bullish side. The move to 0.6250 is the first indication of that scenario.
Potential higher targets are 0.6300 and 0.6350 levels. For a bearish option, we need a pullback to the 0.6100 level. Thus, we fall below the EMA50 moving average and approach the EMA200 in the zone around 0.6050. A retest of this support could cause a drop below to a new daily low and thus strengthen the bearish momentum. Potential lower targets are 0.6000 and 0.5950 levels.
Tron chart analysis
Tron’s previous seven-day bullish trend was halted on Wednesday at the 0.123930 level. A quick and strong bearish consolidation followed from that level, and the price fell to the 0.117863 level. We managed to hold on there and form a new weekly low. After that, Tron started a bullish consolidation; today, we see it above the 0.120000 level. We are currently at 0.120200 and testing the EMA200 moving average.
If we manage to move above, we will have a good position and support to continue to the bullish side. Potential higher targets are 0.121000 and 0.121500 levels. We need negative consolidation and pullbacks to the 0.119500 level for the bearish option. This would move us away from the EMA200 and that would mean that we are losing strength again. We are turning again to the bearish side, and potential lower targets are 0.119000 and 0.118500 levels.
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