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February 24, 2023
Slightly weaker but mostly flat: Algorand is currently trading at $0.265 as it maintains an active range between $0.264 and $0.269.
- United States New Home Sales (Jan) is next today at 15:00 UTC.
- Today's losses are adding to a 5 day bearish run, during which Algorand lost $0.011 of its value.
Earlier data releases related to Algorand – United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected at 7.65 million but down from preceding data of 16.28 million according to new data.
Here is the technical analysis of Algorand before macro data is released:
Algorand USD made an initial break below its 21 day Simple Moving Average at $0.265, a possible indication of a forthcoming negative trend. In contrast, Algorand is oscillating around the $0.267 level serving as support.
Looking forward, Algorand is poised to extend its strong downtrend and continue declining.
Coming up for Algorand — United States New Home Sales (Jan) is expected today at 15:00 UTC.
As the markets get ready for more data to be released — FTX Token jumps 9.54% to trade around $1.36. Tezos USD is down $0.06 from the beginning of the session and now trades around $1.28. Bitcoin Cash is trading around $136.13 (down $2.49).
Algorand reached a significant high of $0.95 around 10 months ago but has lost 71.76% since then.
