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May 18, 2023
Algorand drops from $0.172 to $0.169, losing $0.003 (1.91%) today.
United States Existing Home Sales (Apr) is next today at 14:00 UTC.
On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -920,000 with a reading of 5 million.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Algorand USD fell below the $0.168 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.165. Algorand made an initial break below its 3 day Simple Moving Average at $0.171, a possible indication of a forthcoming negative trend. Algorand's upper Bollinger Band® is at $0.184 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Algorand to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Algorand is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $0.448, Ripple is up 4.27% today to currently trade at around $0.467.
Furthermore, United States Existing Home Sales (Apr) will be released today at 14:00 UTC. United States Fed Chair Powell speech scheduled to come out tomorrow at 15:00 UTC.
Pointing downwards for around a month. After hitting an important low of $0.162 approximately 6 days ago, Algorand has bounced back 6.13% since.
