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June 26, 2023
As the current session draws to a close, Algorand remains in the $0.13 – $0.138 range after dropping 4.31%.
Meanwhile, United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.
Algorand USD made an initial break below its 5 day Simple Moving Average at $0.131, a possible indication of a forthcoming negative trend. Algorand is currently flirting with an active Fibonacci support level around $0.134. Algorand's upper Bollinger Band® is at $0.139 which indicates a further downward move may follow. Despite this, after reaching the $0.133 support zone, Algorand bounced and climbed 1 cents above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Algorand to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Algorand is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, after ending today's session at $0.292, Cardano lost $0.012 and is trading around $0.28.
Positive performances can be seen by looking at other markets as Bitcoin Cash is up 16.41% to $227.67. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with -0.2%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Building Permits scheduled to come out tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.
Algorand is up 23.75% from the significant low of $0.111 it hit 16 days ago.
