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June 14, 2023
After closing at $0.072 today, TRON began today at $0.072 with significant bullish sentiment driving TRON's price action higher. So far today, price action has drawn out a distinct $0.072 to $0.073 range.
- United States FOMC Economic Projections is next today at 18:00 UTC.
- Today's gains are adding to TRON's a 5 day bullish trend, during which it gained a total of $0.002.
Earlier data releases related to TRON – data for United States Crude Oil Inventories published today at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000. Producer Price Index in United States fell short of market expectations (-0.1%) with a reading of -0.3%, continuing the decline from the previous figure of 0.2%.
Here is the technical analysis of TRON before macro data is released:
TRON made an initial breakout above its 50 day Simple Moving Average at $0.073, a potential indicator of a newly emerging bullish phase. TRON's lower Bollinger Band® is at $0.068, indicating that the market is oversold and fertile for new buyers. Despite this, a "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal. TRON price action is currently oscillating around the $0.073 resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems TRON might continue pointing upwards in the short term.
Coming up for TRON — United States Retail Sales expected to decline to -0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — FTX Token is up 9.54%. UNICORN Token USD gained 7.61% and is currently trading at $4.61. Having closed the previous session at $0.723, Tezos USD is up 4.97% today to currently trade at around $0.759.
TRON is now trading 13.05% below the significant high of $0.083 it set around 13 days ago.
