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June 06, 2023
Slightly weaker but mostly flat: TRON is currently trading at $0.078 as it maintains an active range between $0.078 and $0.079.
TRON is currently trading at $0.078 following the release of EIA Short-Term Energy Outlook data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Fresh API Weekly Crude Oil Stock data from United States came out at -1.71 million.
Trend analysis indicates that despite being in the red so far in the current trading session, TRON peaked above its 10 day Simple Moving Average around $0.079 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that TRON's upper Bollinger Band® is at $0.083 which indicates a further downward move may follow. Following today's trading session, chart analysis suggests
All in all, the technical analysis suggests TRON has no clear-cut direction.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36. Bitcoin is up 4.89%. Dogecoin gained 6% and is now trading at $0.071.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to 1.15 million while previous data was 4.49 million; data will be released tomorrow at 14:30 UTC.
Trading mostly sideways for 2 months. Having soared to a high of $0.083 approximately 5 days ago, TRON is now trading 5.21% lower.
