After ending today at $0.125, today Algorand dropped to its lowest point in 3 years at $0.121. It later recovered $0.001 and is now trading at $0.122.

Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in Algorand are expected to follow.

Following a previous reading of 4.49 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 1 million figure expected by analysts with an actual reading of -451,000.

Meanwhile, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.

Algorand's notable support and resistance levels: Algorand USD is oscillating around the $0.122 level serving as support. Technical analysis trend indicators suggest 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. Momentum evaluation shows that the Relative Strength Index indicates Algorand is in strong oversold condition. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.125, 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, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.

Other assets are showing positive performances as FTX Token is up 9.54% to $1.36. EOS moves up 3.03% to trade around $0.888.

Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released today at 12:30 UTC.

Trending downwards for around 2 months. Algorand has fallen back around 70.51% from the significant high of $0.424 set 7 months ago.