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May 06, 2023
Algorand is sharply lower after losing $0.007, declining as low as $0.175.
On the flip side, United States Average Hourly Earnings came out at 0.5%, better than analyst estimates of 0.3% and improving upon the previous reading of 0.3%. United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 165,000 with new data of 253,000. United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.5 with new data of 3.4.
Trend-following investors would be interested to note that Algorand USD made an initial break below its 10 day Simple Moving Average at $0.18, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $0.166, a low enough level to, generally, suggest that Algorand is trading below its fair value. As the trading day comes to an end, chart analysis indicates Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.179. Dipping below could be an indication that further losses are ahead.
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, Litecoin closed at $84.05 (down 5.38%). Ethereum closed at $1,901.44 (down 4.82%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Pointing downwards for around a month. Algorand is now trading 75.71% below the significant high of $0.749 it set around 11 months ago.
