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April 26, 2023
After ending today at $0.066, today TRON went up to $0.067 before paring back gains and settling around $0.065.
United States's Crude Oil Inventories new data released of -5 million below its previous figure.
Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.
On the flip side, positive data for TRON released earlier when United States Core Durable Goods Orders came out at 0.3%, better than analyst estimates of -0.2% and improving upon the previous reading of -0.3%.
While price action maintains a negative bias, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000.
TRON made an initial break below its 50 day Simple Moving Average at $0.065, a possible indication of a forthcoming negative trend. TRON's upper Bollinger Band® is at $0.067 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, it seems TRON is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $1.06, EOS lost $0.059 and is trading around $1. Litecoin is down $2.95 from the beginning of the session and now trades around $88.02.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States GDP projected to come out at two — worse than previous data of 2.6; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.
Trading mostly sideways for a month. TRON is up 31.6% from the significant low of $0.05 it hit 5 months ago.
