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June 06, 2023
Algorand slides down from $0.138 to $0.138 today, losing $0 (0.07%).
- Algorand is currently trading at $0.138 following the release of EIA Short-Term Energy Outlook data from the United States.
- While flat so far today, Algorand is on a 21 day bearish trend during which it lost $0.034 of its value.
United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Algorand is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Algorand's upper Bollinger Band® is at $0.168 and the lower is $0.137. Following today's trading session, chart analysis suggests Algorand is climbing away and is now 1 cents from the $0.131 support line.
All in all, the technical analysis suggests Algorand has no clear-cut direction.
United States Crude Oil Inventories projected to decline to 1.15 million while previous data was 4.49 million; data will be released tomorrow at 14:30 UTC.
Bitcoin is up 5.54%. FTX Token jumps 9.54% to trade around $1.36. Dogecoin is up 6.8%.
On a negative trend for around 2 months. 6 months ago Algorand reached a significant high of $0.424 but has consequently lost 67.44% since then.
