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May 14, 2023
While in the midst of a 29 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Algorand posts light gains on a low-volatility day, ranging between $0.161 – $0.163 and is now at $0.163.
Algorand USD's lower Bollinger Band® is at $0.157, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Algorand could be slowing down soon as it approaches resistance at $0.164. Of course, crossing it might suggest further gains are ahead. Despite posting gains so far today, Algorand slid below its 3 day Simple Moving Average at $0.162 in earlier trade — an early indicator that a negative trend could be emerging.
Algorand continues to move higher with technical analysis indicating the trend will continue in the short term.
Trending downwards for around a month. 11 months ago Algorand reached a significant high of $0.495 but has consequently lost 67.25% since then.
