TRON sheds $0.002 to trade around $0.065

TRON is range-bound between $0.063 and $0.066 today after shedding $0.002 and closing at $0.066 today.

United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to -583,000. TRON reaction to indicator information will follow.

Amid the market gloom, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released today at 12:30 UTC with a figure of 5%, while the previous figure was 6%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.

TRON is currently alternating around $0.066 with price action moving above and below this key level throughout the session. TRON made an initial break below its 50 day Simple Moving Average at $0.066, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $0.065 serving as intraday support. TRON's upper Bollinger Band® is at $0.068 which indicates a further downward move may follow.

In the short term, TRON is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.517, Ripple lost $0.011 and is trading around $0.507.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Solana gained 5.11% and is now trading at $24.25.

Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 232,000 while its preceding data was 228,000, data will be available tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000, having previously been at -3.74 million. The figure will be published today at 14:30 UTC.

TRON has gained 21.35% since its lowest print of $0.05 earlier this year.