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May 12, 2023TRON trades at $0.068 after gaining $0.001 (1.14%).
On the flip side, United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 264,000, falling short of the 245,000 projections and continuing its decline from the previous 242,000 figure.
At the same time, United States Michigan Consumer Expectations (May) came out at 53.4, while a consensus of analysts was expecting 59.8.
Concerning technical analysis and more specifically, trend indicators, TRON made an initial breakout above its 21 day Simple Moving Average at $0.068, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $0.068 currently serving as resistance According to asset volatility analysis, TRON's upper Bollinger Band® is at $0.071, this is a slight indication of a slowdown. Technical analysis shows that TRON could be slowing down soon as it approaches resistance at $0.069. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests TRON has no clear-cut direction.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36.
At the same time, Bitcoin is down to $26,300, losing $700, after closing at $27,000 in the preceding trading session. Litecoin is trading around $78.7 (down $2.34).
Trading mostly sideways for a month. TRON hit a significant low of $0.05 around 5 months ago, but has since recovered 35.35%.
