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April 05, 2023
After ending the previous trading day at $0.066, TRON went up to $0.067 only to drop back; still positive overall today, now trading at $0.067.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.
TRON's notable support and resistance levels: TRON price action is currently oscillating around the $0.066 resistance level with prices moving above and below several times during the session. Trend-focused traders would be interested to note that TRON made an initial breakout above its 50 day Simple Moving Average at $0.066, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.068, thereby suggesting that TRON is becoming overvalued.
Notwithstanding TRON's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. Having closed the previous session at $0.095, Dogecoin is up 3.22% today to currently trade at around $0.1. Ripple gained 2.66% and is now trading at $0.516.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is expected today at 14:00 UTC.
The past 3 months have been positive for TRON as it added 20.24% compared to its 3-month low of $0.05.
