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April 23, 2023
In the last 8 days, Algorand has lost a total of 19.44% of its value. Similar trend today: after closing at $0.19 today, Algorand opened today at $0.19, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Algorand retains a distinct $0.187 to $0.19 daily range.
Algorand USD made an initial break below its 3 day Simple Moving Average at $0.186, a possible indication of a forthcoming negative trend. On the other hand, note that Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.186. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $0.182, a low enough level to, generally, suggest that Algorand is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Algorand.
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36. Having closed the previous session at $0.066, TRON is up 1.12% today to currently trade at around $0.067.
Algorand has fallen back around 74.6% over the past 11 months, from a notable high of $0.749.
