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June 14, 2023
Algorand jumps by 2.97% for its largest single-day gain since Apr 13.
New United States Crude Oil Inventories improved upon the previous -451,000 figure while also exceeding analyst expectations with a reading of 7.92 million.
This move comes while some more positive signs for Algorand are out as data for United States Crude Oil Inventories published today at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
On the flip side, highly important Producer Price Index data from United States beat analyst expectations of -0.1% with a reading of -0.3%.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%.
Algorand USD made an initial breakout above its 5 day Simple Moving Average at $0.114, a potential indicator of a newly emerging bullish phase. In contrast, Algorand broke through the $0.116 resistance and climbed 1 cents above it.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Algorand to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Algorand is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Tezos USD gained 5.07% and is currently trading at $0.76.
At the same time, Ripple is trading around $0.503 (down $0.017).
Furthermore, the market is looking at United States Retail Sales projected to decline to -0.1% while previous data was 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales expected to decline to 0.1% while its preceding data was 0.4%, data will be available tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out tomorrow at 12:30 UTC. United States Interest Rate figure is projected at 5.25. It previously stood at 5.25; data will be released today at 18:00 UTC.
Trending downwards for around 2 months. Having soared to a high of $0.424 approximately 7 months ago, Algorand is now trading 73.38% lower.
