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April 17, 2023
Algorand drops $0.008 early on and steadies around the $0.227 level.
Algorand USD made an initial break below its 5 day Simple Moving Average at $0.228, a possible indication of a forthcoming negative trend. Algorand is currently flirting with an active Fibonacci support level around $0.229. Algorand's upper Bollinger Band® is at $0.232 which indicates a further downward move may follow. In contrast, Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.227. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Algorand.
In the meantime, negative performances are also seen in other markets, Binance Coin is down to $341.94, losing $6.06, after closing at $348 in the preceding trading session.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $0.091, Dogecoin is up 4% today to currently trade at around $0.094.
Furthermore, United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.
On an upward trend for about a month now. Algorand reached a significant high of $0.759 around 11 months ago but has lost 69.08% since then.
