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June 11, 2023Algorand fell to a new low at $0.11 today, its lowest value in 3 years; today ended at $0.111.
Trend-focused traders 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 strong oversold condition. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.109, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day commences, technical analysis suggests the nearest support level is at $0.097, to be followed by $0.083.
Overall, the technical outlook suggests Algorand is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Cardano stumbles 4.1% to trade around $0.264. EOS is down to $0.685, losing $0.012, after closing at $0.696 in the preceding trading session.
Other assets are showing positive performances as FTX Token is up 9.54%.
Trending downwards for around 2 months. Algorand has fallen back around 73.76% over the past 7 months, from a notable high of $0.424.
