After three days of persistent declines, Algorand stabilises around $0.112

Algorand is now trading at $0.112 after tracing out a steady $0.111 – $0.112 range today.

Uncertainty around Algorand is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.

As the day gets underway, chart analysis suggests Algorand USD is approaching key support, around 1 cents away from $0.107. 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. According to momentum evaluation, the Relative Strength Index indicates Algorand is in an oversold condition, which could precipitate a reversal and set up a new bullish phase.

While Algorand is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. TRON moves 0.37% to trade around $0.071. EOS closed at $0.633 (down 0.84%).

Trending downwards for around 2 months. Algorand hit a significant low of $0.11 around a day ago, but has since recovered 1.34%.