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April 26, 2023
After closing at $0.188 today, Algorand opened today at $0.188, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Algorand retains a distinct $0.173 to $0.193 daily range.
United States's Crude Oil Inventories new data released of -5 million below its previous figure.
Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.49 million with a reading of -5 million.
On the flip side, data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.
Amid the market gloom, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
As the trading day comes to an end, chart analysis indicates Algorand USD reversed direction at $0.182 support zone and climbed 1 cents above it. Trend-focused traders would be interested to note that Algorand made an initial break below its 5 day Simple Moving Average at $0.187, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.171, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Algorand is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS retreats 3.51% to trade around $1.02. Litecoin is down $2.57 from the beginning of the session and now trades around $88.41.
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States GDP projected to decline to two while previous data was 2.6; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released tomorrow at 12:30 UTC.
Algorand has fallen back around 74.94% over the past 11 months, from a notable high of $0.749.
