TRON cryptocurrency trades up $0.001, approximately 1.1% higher this afternoon

Tentatively higher from an earlier low of $0.07, TRON is up to $0.071 today, adding $0.001, or 1.1%, to today's closing price of $0.071.

United States Fed Chair Powell testimony is next today at 14:00 UTC.

At the same time, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.

TRON made an initial breakout above its 10 day Simple Moving Average at $0.071, a potential indicator of a newly emerging bullish phase. In contrast, TRON could be slowing down soon as it approaches resistance at $0.071. Of course, crossing it might suggest further gains are ahead.

Examining the technical analysis landscape, TRON might continue its downtrend in the short term.

TRON shows positive signs, other assets are also on par: having closed the previous session at $109.92, Bitcoin Cash is up 21.54% today to currently trade at around $133.6. FTX Token soars 9.54% to trade around $1.36. EOS is up 5.48%.

Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Furthermore, the market is looking at tomorrow at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.

Also worthy of note, United States Existing Home Sales (May) scheduled to come out tomorrow at 14:00 UTC.

Approximately 20 days ago, TRON reached a significant high of $0.083 but has struggled to hold onto its gains and declined 14.7% since then.