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February 22, 2023
TRON has been losing ground for 3 days, shedding a total of 5% of its value. Similar trend today: TRON is range-bound between $0.068 and $0.07 today after shedding $0 and closing at $0.069 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
TRON made an initial break below its 10 day Simple Moving Average at $0.069, a possible indication of a forthcoming negative trend. TRON's upper Bollinger Band® is at $0.073 which indicates a further downward move may follow. Despite this, TRON is oscillating around the $0.069 level serving as support.
Looking forward, TRON is poised to extend its strong downtrend and continue declining.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Tezos USD is up 7.22%.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for 3 months. TRON has gained 26.16% since its lowest print of $0.05 earlier this year.
