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February 22, 2023
Algorand is range-bound between $0.263 and $0.279 today after shedding $0.015 and closing at $0.279 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
While price action maintains a negative bias, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Algorand USD made an initial break below its 21 day Simple Moving Average at $0.264, a possible indication of a forthcoming negative trend. In contrast, Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.268. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $0.239, a low enough level to, generally, suggest that Algorand is trading below its fair value.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Algorand.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash closed at $138.36 (down 4.69%). Bitcoin is down $674.3 from the beginning of the session and now trades around $23,775.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Algorand hit a significant low of $0.165 around a month ago, but has since recovered 69.17%.
