Ripple and Tron: bearish cloud pushes Ripple to new low
Over the weekend Ripple price retreated to a new yearly low at 0.4294 levels.
Tron price fell to a new three-week low at 0.107181 level on Saturday.
Ripple chart analysis
Over the weekend Ripple price retreated to a new yearly low at 0.4294 levels. A strong bearish consolidation on Friday pulled the price down, while on Saturday, we saw a continuation and drop to a new low. On Sunday, Ripple bounced back above 0.4800 and managed to stabilize above. Yesterday, we saw a continuation of that consolidation to 0.5200, where we met new resistance, forming that daily high.
This morning, Ripple is initiating a bearish consolidation, dropping to the 0.4800 support level. Since then, we have been moving in the 0.4800-0.5000 range and have resistance in the EMA50 moving average in the zone around 0.5000. We need a stronger impulse to jump above to a new daily high. If we succeed, we will have a good position from which we can continue on the bullish side. Potential higher targets are 0.5200 and 0.5400 levels.
Tron chart analysis
Tron price fell to a new three-week low at 0.107181 level on Saturday. We were at that level the previous time in the second part of January. We get support at that level, and on Sunday, we start with a recovery to the 0.1122500 level. On Monday, we rise to 0.115000 and form a daily high there. After that, we failed to move above, and the price initiated a pullback down to the 0.110000 level.
We remain under bearish pressure today and are currently at the 0.111300 level. If we do not start a bullish impulse soon, the price could fall to a new daily low and thus confirm the negative momentum. Potential lower targets are 0.109000 and 0.108000 levels. We need a positive consolidation and a move above the EMA50 and 0.112500 levels for a bullish option. After that, we will have the opportunity to initiate a potential recovery.
The post Ripple and Tron: bearish cloud pushes Ripple to new low appeared first on FinanceBrokerage.
