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May 23, 2023Tentatively higher from an earlier low of $0.161, Algorand is up to $0.164 today, adding $0.002, or 1.52%, to today's closing price of $0.161.
United States Building Permits is next today at 12:00 UTC.
Trend-following investors would be interested to note that Algorand USD made an initial breakout above its 5 day Simple Moving Average at $0.164, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $0.162 by around $0.002 with prices hammering out a $0.161 – $0.165 session range. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.177, thereby suggesting that Algorand is becoming overvalued. Algorand chart analysis: Algorand could be slowing down soon as it approaches resistance at $0.163. Of course, crossing it might suggest further gains are ahead.
With market volatility ebbing, the current technical outlook indicates Algorand will remain range-bound for the immediate future.
Algorand shows positive signs, other assets are also on par: FTX Token leaps up 9.54% to trade around $1.36. Bitcoin gained 1.69% and is currently trading at $27,300.
Meanwhile, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million.
Also worthy of note, United States New Home Sales (Apr) scheduled to come out today at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released today at 13:45 UTC.
Pointing downwards for around a month. Having set a significant high of $0.424 6 months ago, Algorand is trading 61.91% lower.
