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June 12, 2023Algorand has been losing ground for 27 days 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 $0.109 – $0.113 and is now at $0.112.
At the same time, United States 10-Year Note Auction released today at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. Fresh 3-Year Note Auction data from United States came out at 4.202.
Algorand USD made an initial breakout above its 3 day Simple Moving Average at $0.112, a potential indicator of a newly emerging bullish phase. Algorand's lower Bollinger Band® is at $0.106, indicating that the market is oversold and fertile for new buyers. Despite this, Algorand reversed direction at $0.114 resistance zone and retreated back 1 cents below it.
Algorand continues to move higher with technical analysis indicating the trend will continue in the short term.
Algorand shows positive signs, other assets are also on par: FTX Token rallies 9.54% to trade around $1.36.
At the same time, Binance Coin closed at $229.07 (down 2.63%).
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 4.1%. It previously stood at 4.9%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
On a negative trend for around 2 months. Having set a significant high of $0.424 7 months ago, Algorand is trading 73.88% lower.
