Algorand sheds $0.002 to trade around $0.214

Algorand weakened earlier in the day, before moving away from its $0.214 low and recovering back to $0.214.

A study of Algorand's historical price actions shows Algorand USD is currently alternating around $0.216 with price action moving above and below this key level throughout the session. Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, Algorand peaked above its 21 day Simple Moving Average around $0.217 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that Algorand's upper Bollinger Band® is at $0.233 which indicates a further downward move may follow.

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, Ripple is trading around $0.5 (down $0.006).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Dogecoin is up 2.06%.

Registering some good gains for about 30 days now. Algorand is now trading 72.57% below the significant high of $0.788 it set around a year ago.