After five days of declines, Algorand is up $0.003 today

Currently trading at $0.206, Algorand remains range-bound between $0.2 and $0.207.

United States's Initial Jobless Claims new data released of 211,000 below its previous figure.

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 211,000. Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.

Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.

Algorand USD made an initial breakout above its 3 day Simple Moving Average at $0.206, a potential indicator of a newly emerging bullish phase. Algorand's lower Bollinger Band® is at $0.194, indicating that the market is oversold and fertile for new buyers. Despite this, although Algorand is appreciating today after rising as high as $0.207, price action is now slowing and consolidating around 1 cents below the $0.213 resistance level.

Algorand continues to move higher with technical analysis indicating the trend will continue in the short term.

Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. EOS is up 4.18% to $1.17. Polkadot climbs 2.79% to trade around $5.76.

Furthermore, the market is looking at United States Non Farm Payrolls expected to decline to 205,000 while its preceding data was 517,000, data will be available tomorrow at 13:30 UTC.

Also worthy of note, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

Approximately 11 months ago, Algorand reached a significant high of $0.95 but has struggled to hold onto its gains and declined 78.65% since then.