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March 03, 2023
TRON is consolidating around the $0.068 level after dropping $0.002 at the start of the trading session.
United States ISM Non-Manufacturing PMI (Feb) is next today at 15:00 UTC.
In contrast, positive data for TRON reported earlier when United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000.
While price action maintains a negative bias, United States Nonfarm Productivity (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.7, while the previous figure was 1.4. United States Unit Labor Costs (QoQ) (Q4) came out at 3.2, while a consensus of analysts was expecting 1.6.
TRON's notable support and resistance levels: TRON could begin to recover as it approaches significant support, now 1 cents away from $0.066. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that TRON made an initial break below its 21 day Simple Moving Average at $0.068, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $0.067 currently serving as support. If price action breaks below, the next Fib hurdle is $0.066. Analysis based on the asset volatility indicates that TRON's lower Bollinger Band® is at $0.065, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates TRON will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Litecoin is down to $89.03, losing $6.29, after closing at $95.32 in the preceding trading session. Bitcoin is down to $22,356, losing $1,123.69, after closing at $23,479 in the preceding trading session. Dogecoin falls 5.73% to trade around $0.076.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
Trading mostly sideways for 3 months. This year has been a bright one for TRON after trading as low as $0.05 and going on to appreciate by 21.7% year to date.
