After eight days of declines, Algorand is up $0.004 today

After closing at $0.189 today, Algorand began today at $0.189 with significant bullish sentiment driving Algorand's price action higher. So far today, price action has drawn out a distinct $0.184 to $0.194 range.

Technical analysis trend indicators suggest that Algorand USD made an initial breakout above its 5 day Simple Moving Average at $0.192, a potential indicator of a newly emerging bullish phase. Momentum evaluation shows that the Relative Strength Index indicates Algorand is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. As the trading day comes to an end, chart analysis indicates Algorand could be slowing down soon; it is getting close to the resistance line and is now at $0.196, only 1 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

With market volatility ebbing, the current technical outlook indicates Algorand will remain range-bound for the immediate future.

Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ethereum goes up 4.57% to trade around $1,548.33. Litecoin increases 4.84% to trade around $72.83.

Trending downwards for around a month. Algorand has fallen back around 80.12% over the past 11 months, from a notable high of $0.95.