Algorand is down 0.64%, trading at $0.152

Algorand drops from $0.153 to $0.152, losing $0.001 (0.64%) today.

Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.15. Dipping below could be an indication that further losses are ahead. A "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal. Bollinger Bands® shows an indication of recovery: the lower band is at $0.146, a low enough level to, generally, suggest that Algorand is trading below its fair value. In contrast, Algorand made an initial break below its 3 day Simple Moving Average at $0.151, a possible indication of a forthcoming negative trend.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Algorand is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other markets, after ending today's session at $0.912, EOS lost $0.012 and is trading around $0.9. Bitcoin goes down 0.94% to trade around $27,900.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Consumer Confidence are set for a continuation of decline with 99 while previous data was 101.3; data will be released tomorrow at 14:00 UTC.

On a negative trend for around 2 months. Algorand has fallen back around 63.83% over the past 6 months, from a notable high of $0.424.