Algorand down to $0.215, its lowest value in 6 weeks

Algorand reaches its lowest point in 6 weeks after dropping $0.003 to $0.215.

United States ADP Nonfarm Employment Change (Feb) is next today at 13:15 UTC.

While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3.83 million, while the previous figure was 6.20 million. United States 3-Year Note Auction came out at 4.635.

As the trading day commences, technical analysis suggests Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.21. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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. Asset volatility analysis shows that Algorand's lower Bollinger Band® is at $0.207, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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, UNICORN Token USD is trading around $6.43 (down $0.197). Tezos USD closed at $1.09 (down 1.46%).

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

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at 395,000 — worse than previous data of 1.17 million; data will be released today at 15:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 195,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Feb) is expected today at 13:15 UTC. United States JOLTs Job Openings (Jan) scheduled to come out today at 15:00 UTC.

Algorand is now trading 77.09% below the significant high of $0.95 it set around 11 months ago.