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May 08, 2023
Having ended the last trading session at $0.173, Algorand dropped to $0.167 today, hitting its lowest point in 4 months. Later, it recovered $0.001 and is now trading at $0.168.
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. A crossing of the lower Bollinger Band® at $0.17 suggests further losses may follow for Algorand. Despite this, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Algorand's case, the RSI has fallen below 30, indicating the asset is oversold.
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, Bitcoin Cash slips 2.45% to trade around $113.34. Ripple is down to $0.44, losing $0.01, after closing at $0.449 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.
Furthermore, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
Trending downwards for around a month. Having soared to a high of $0.729 approximately a year ago, Algorand is now trading 76.21% lower.
