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March 10, 2023
TRON slides down from $0.059 to $0.057 today, losing $0.002 (2.77%).
United States's Non Farm Payrolls new data released of 311,000 below its previous figure.
Highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6. Following a previous reading of 190,000, Initial Jobless Claims in United States released yesterday at 13:30 UTC fell short of the 195,000 figure expected by analysts with an actual reading of 211,000.
On the flip side, data for United States Non Farm Payrolls released today at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.
As the trading day comes to an end, chart analysis indicates TRON is oscillating around the $0.058 level serving as support. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates TRON is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.06, a low enough level to, generally, suggest that TRON is trading below its fair value.
All in all, the technical analysis suggests TRON has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $76.78, Litecoin lost $5.03 and is trading around $71.75.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. MaticNetwork USD gained 4.17% and is now trading at $1.06.
TRON is now trading 33.02% below the significant high of $0.088 it set around 10 months ago.
