After dropping down to $0.214, Algorand recovers some losses and is currently trading at $0.215.

United States Initial Jobless Claims is next today at 12:30 UTC.

Algorand's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

Algorand USD's upper Bollinger Band® is at $0.233, suggesting that a downward move may follow. On the other hand, note that Algorand is approaching key support, around 1 cents away from $0.211. 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.

Despite the market lacking direction, technical chart analysis strongly suggests Algorand is positioned for a downward move in the near term.

While Algorand is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. NEAR Protocol is down to $2.19, losing $0.04, after closing at $2.23 in the preceding trading session. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47.

Furthermore, the market is looking at United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. United States Initial Jobless Claims expected to decline to 232,000 while its preceding data was 228,000, data will be available today at 12:30 UTC.

On an upward trend for about a month now. Having soared to a high of $0.759 approximately 11 months ago, Algorand is now trading 71.6% lower.