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June 09, 2023
A mostly flat day so far for Algorand, ranging between $0.122 and $0.126; currently at $0.124.
This uncertain state for Algorand is reflected by published market data as following a previous reading of 233,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000. United States U.S. Baker Hughes Oil Rig Count released today at 17:00 UTC with a figure of 556, while the previous figure was 555. United States U.S. Baker Hughes Total Rig Count released today at 17:00 UTC with a figure of 695, while the previous figure was 696.
Algorand USD made an initial breakout above its 3 day Simple Moving Average at $0.124, a potential indicator of a newly emerging bullish phase. Algorand's upper Bollinger Band® is at $0.169 and the lower is $0.121. Algorand is approaching key support, around 1 cents away from $0.121. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, looking at the technical analysis landscape, it seems Algorand might be pointing upward in the short term.
While Algorand is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Cardano stumbles 5.11% to trade around $0.306. MaticNetwork USD is down to $0.75, losing $0.032, after closing at $0.782 in the preceding trading session.
Pointing downwards for around 2 months. Having set a significant high of $0.424 7 months ago, Algorand is trading 70.89% lower.
