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March 01, 2023
Algorand trades at $0.252 after gaining $0.007 (2.86%).
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
On the flip side, following a previous reading of 106, Consumer Confidence in United States released yesterday at 15:00 UTC fell short of the 108.5 figure expected by analysts with an actual reading of 102.9.
Meanwhile, United States API Weekly Crude Oil Stock came out at 6.20 million, while a consensus of analysts was expecting 440,000. United States Chicago PMI (Feb) released yesterday at 14:45 UTC with a figure of 43.6, while the previous figure was 44.3.
Algorand USD made an initial breakout above its 50 day Simple Moving Average at $0.249, a potential indicator of a newly emerging bullish phase. Algorand's lower Bollinger Band® is at $0.237, indicating that the market is oversold and fertile for new buyers. Despite this, Algorand price action is currently oscillating around the $0.252 resistance level with prices moving above and below several times during the session.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Algorand to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Algorand is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36. Having closed the previous session at $93.98, Litecoin is up 4.03% today to currently trade at around $97.76. Having closed the previous session at $23,171, Bitcoin is up 2.56% today to currently trade at around $23,763.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 457,000, following on from the preceding figure of 7.65 million. New data is set to be published today at 15:30 UTC. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 192,000, data will be available tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) is scheduled for today at 15:00 UTC.
Algorand reached a significant high of $0.95 around 11 months ago but has lost 74.17% since then.
