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June 28, 2023Algorand crashes after losing $0.007, breaking down to $0.12.
United States Fed Chair Powell speech is next today at 13:30 UTC.
Nonetheless, encouraging indicators for Algorand published earlier when highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. Highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.1% with a reading of 0.6%.
Amid the market gloom, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.
Algorand USD made an initial break below its 21 day Simple Moving Average at $0.121, a possible indication of a forthcoming negative trend. Algorand pushed below the $0.126 support level and extended 1 cents beyond it.
In the short term, Algorand is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, EOS closed at $0.693 (down 3.78%). NEAR Protocol closed at $1.39 (down 5.83%).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million, having previously been at -3.83 million. The figure will be published today at 14:30 UTC.
Algorand has fallen back around 70% from the significant high of $0.424 set 7 months ago.
