TRON’s [TRX] sideways structure persists amidst upcoming FOMC meeting

broke below the $23.5k level, accelerating its short-term price correction. Although TRX flashed green by press time, the market was cautious amidst the upcoming FOMC meeting, which could further constrict the price action within this consolidation range.The Relative Strength Index and the On Balance Volume exhibited fluctuations on the three-hour chart. In particular, the RSI pattern showed historical rejection at the mid-level of 50.

As such, the sideways trading pattern within the $0.06178 – $0.06368 range could extend for the next few hours. In addition, upward momentum must deal with the hurdles at $0.06264 and $0.06312 and the short-term supply zone above $0.06368. On the other hand, a drop within the range could be held by the 100-period EMA .

However, a breach of the above price consolidation range would invalidate the above bias. A drop below the demand zone could settle at $0.06020, while a breach above the supply zone could retest the $0.06525 resistance level.As per Santiment’s data, TRX’s investors were bearish on the asset, as weighted sentiment dropped and turned negative. Such a development could tip bears to push TRX to the short-term demand zone indicated on the three-hour chart.

In addition, the TRX recorded an uptick in development activity which could bolster investors’ confidence in the long run. Thus, the countering metrics suggest a likely fluctuation in TRX prices. Investors and traders should track BTC’s price action for clear momentum direction.Subscribe to get it daily in your inbox.

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