| 
March 04, 2023
Algorand has been losing ground for 13 days, shedding a total of 16.92% of its value. Similar trend today: Algorand drops from $0.234 to $0.232, losing $0.002 (0.66%) today.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions came out at 128,800.
Analysis of Algorand's recent price action suggests Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.224. 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. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.226, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
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, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Algorand has fallen back around 75.4% over the past 11 months, from a notable high of $0.95.
