Bearish TRON currently $0.001 lower after trading as low as $0.065

TRON recovering almost all the way back to $0.067 today, after dipping down to $0.065.

United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.

Highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million.

Amid the market gloom, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of -1 million, while the previous figure was -409,000.

TRON made an initial break below its 50 day Simple Moving Average at $0.065, a possible indication of a forthcoming negative trend. TRON is currently flirting with an active Fibonacci support level around $0.065. TRON's upper Bollinger Band® is at $0.067 which indicates a further downward move may follow. On the other hand, note that TRON is currently alternating around $0.066 with price action moving above and below this key level throughout the session.

Overall, looking at the technical analysis landscape, it seems TRON is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other markets, Litecoin dips 7.17% to trade around $94.48. EOS closed at $1.13 (down 7.49%). Ripple closed at $0.498 (down 6.69%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 240,000 while its preceding data was 239,000, data will be available tomorrow at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out tomorrow at 14:00 UTC.

TRON hit a significant low of $0.05 around 5 months ago, but has since recovered 33.47%.