| 
March 04, 2023
Struggling to find upward momentum, TRON has shed $0.001 to currently trade at $0.066 as it ranges between $0.066 and $0.068 so far today.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.
As the trading day comes to an end, chart analysis indicates TRON is currently alternating around $0.067 with price action moving above and below this key level throughout the session. Trend-following investors would be interested to note 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. After descending below strong Fibonacci support at $0.067, market bears have earmarked $0.066 as the next downside target. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $0.066, a low enough level to, generally, suggest that TRON is trading below its fair value.
Overall, the technical outlook suggests TRON is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS is down to $1.21, losing $0.107, after closing at $1.32 in the preceding trading session. Dogecoin stumbles 4.06% to trade around $0.074.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
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 22.62% year to date.
