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June 08, 2023
Currently trading at $0.077, TRON remains range-bound between $0.076 and $0.077.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 235,000.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
At the same time, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million. United States Trade Balance (Apr) came out at -74.6 billion, while a consensus of analysts was expecting -75.2 billion.
Trend-focused traders would be interested to note that TRON made an initial breakout above its 21 day Simple Moving Average at $0.077, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.082, thereby suggesting that TRON is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that TRON could be slowing down soon as it approaches resistance at $0.078. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates TRON will remain range-bound for the immediate future.
TRON shows positive signs, other assets are also on par: FTX Token is up 9.54% to $1.36. EOS is up 2.79%.
Meanwhile, UNICORN Token USD closed at $6.43 (down 2.98%).
Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 235,000 while previous data was 232,000; data will be released today at 12:30 UTC.
Trading mostly sideways for 2 months. TRON has fallen back around 7.21% over the past 7 days, from a notable high of $0.083.
