Ripple and Tron: New support levels on Thursday
- Late last night, the price of Ripple fell to a new weekly low at the 0.5211 level
- The price of Tron ended this week’s bullish rally yesterday at the 0.161890 level
Ripple chart analysis
Late last night, the price of Ripple fell to a new weekly low at the 0.5211 level. After that, the price stops further decline and initiates a bullish consolidation this morning to the 0.529 level. For now, we encounter resistance in that zone and pull back to the 0.5250 level. Ripple is under slight pressure to drop to the daily open level. If we see a breakthrough below, we can expect the formation of a new weekly low.
Potential lower targets are 0.5220 and 0.5200 levels. For a bullish option, Ripple must break today’s resistance level first. After it does, we expect to reach the 0.5300 level and get support from the EMA 50 moving average. Potential higher targets are 0.5320 and 0.5340 levels. In the 0.5340 zone, we will test the weekly open level to move to the positive side.
Tron chart analysis
The price of Tron ended this week’s bullish rally yesterday at the 0.161890 level. There, we suddenly lost the bullish momentum, which influenced us to start a bearish consolidation. This morning, the price dropped to 0.159000, and there it meets the support of the EMA 50 moving average. Since then, we have seen a slight bullish consolidation and recovery at the 0.159700 level. All indications are that we should see a recovery later in the day to higher levels on the chart.
Potential higher targets are 0.160000 and 0.161000 levels. For a bearish option, Tron would have to make a push below 0.159000 and the EMA 50 moving average. With that step, we make a new daily low and strengthen the bearish momentum. After that, we will see a further pullback in the price of Tron to new support. Potential lower targets are 0.158000 and 0.157000 levels.
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