Algorand down $0.009, closing at $0.242, for its 4th straight negative day

As the current session draws to a close, Algorand remains in the $0.241 – $0.252 range after dropping 3.57%.

New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.

In contrast, positive data for Algorand reported earlier when data for United States Initial Jobless Claims published today at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000. United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.

Following today's trading session, chart analysis suggests Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.244. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that Algorand made an initial break below its 50 day Simple Moving Average at $0.25, a possible indication of a forthcoming negative trend. Algorand is currently flirting with an active Fibonacci support level around $0.242. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $0.235, a low enough level to, generally, suggest that Algorand is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates Algorand will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, Litecoin decreases 2.95% to trade around $94.96. Cardano closed at $0.35 (down 2.71%).

Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.

Furthermore, United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

Algorand has fallen back around 73.52% from the significant high of $0.95 set 11 months ago.