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May 09, 2023Algorand is on a 24 day downtrend Today is looking a bit better: without a clear-cut direction, Algorand is trading around $0.165 and ranging between $0.164 and $0.167.
Algorand is currently trading at $0.165 following the release of EIA Short-Term Energy Outlook data from the United States.
Uncertainty around Algorand is reflected by published market data as United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Algorand USD is approaching key support, around 1 cents away from $0.158. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Algorand made an initial breakout above its 3 day Simple Moving Average at $0.166, a potential indicator of a newly emerging bullish phase. Algorand's upper Bollinger Band® is at $0.195 and the lower is $0.164.
Although price action remains in a stalemate, technical analysis suggests Algorand could be primed for a break to the upside.
While Algorand is pretty flat so far today, mixed performances are seen elsewhere as Bitcoin Cash is up 9.65%. FTX Token added 9.54% to its value, now trading at $1.36.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index is expected tomorrow at 12:30 UTC. Projections for United States Crude Oil Inventories are set for a continuation of decline with -1.6 million while previous data was -1.28 million; data will be released tomorrow at 14:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
Trending downwards for around a month. Algorand has shed 43.62% over the past three months.
