Algorand down $0.003 reaching $0.182, for its 4th straight negative day

Algorand is grinding lower from $0.185 to $0.182, shedding $0.003 (1.81%) today.

United States Building Permits is next today at 13:30 UTC.

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 Bollinger Bands® shows an indication of recovery: the lower band is at $0.173, a low enough level to, generally, suggest that Algorand is trading below its fair value. Algorand chart analysis: Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.182. Dipping below could be an indication that further losses are ahead.

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, UNICORN Token USD slides down 2.98% to trade around $6.43. MaticNetwork USD is trading around $0.965 (down $0.024).

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

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of -0.1%.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Building Permits will be released today at 13:30 UTC.

Algorand has fallen back around 75.25% from the significant high of $0.749 set 11 months ago.