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May 26, 2023
After closing Wednesday at $0.15, Algorand dropped to $0.148 today, hitting its lowest point in 3 years during today's session. It later recovered $0.003 and is now trading at $0.15.
Algorand is currently trading at $0.15 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.
This uncertain state for Algorand is reflected by published market data as Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.
Trend-focused traders would be interested to note 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 an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Algorand's upper Bollinger Band® is at $0.174 and the lower is $0.15. Analysis of Algorand's recent price action suggests Algorand is approaching key support, around 1 cents away from $0.149. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, the technical outlook suggests Algorand is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen elsewhere as FTX Token added 9.54% to its value, now trading at $1.36. Ripple rises 2.32% to trade around $0.464. MaticNetwork USD rises 3.51% to trade around $0.922.
On a negative trend for around a month. Algorand is now trading 64.54% below the significant high of $0.424 it set around 6 months ago.
