| 
April 18, 2023
Algorand is on a 3 day downtrend Today is looking a bit better: without a clear-cut direction, Algorand is trading around $0.221 and ranging between $0.218 and $0.226.
Uncertainty around Algorand is reflected by published market data as United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. United States Housing Starts published today at 12:30 UTC came out at -0.8%, falling short of the 0.4% projections and continuing its decline from the previous 7.3% figure.
Algorand USD made an initial break below its 50 day Simple Moving Average at $0.219, a possible indication of a forthcoming negative trend. Algorand's upper Bollinger Band® is at $0.232, suggesting that a downward move may follow. Despite this, after reaching the $0.215 support zone, Algorand bounced and climbed 1 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests Algorand is positioned for a downward move in the near term.
While Algorand is pretty flat so far today, mixed performances are seen elsewhere as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Bitcoin is up 3.19%.
Moreover, United States Crude Oil Inventories projected to come out at -2.46 million — worse than previous data of 597,000; data will be released tomorrow at 14:30 UTC.
Trending positively for about a month. Algorand has fallen back around 70.95% over the past 11 months, from a notable high of $0.759.
