Algorand up $0.002 to $0.171 building up on its five days of gains

Currently trading at $0.171, Algorand remains range-bound between $0.169 and $0.171.

This move comes while some more positive signs for Algorand are out as new Core Retail Sales data from United States matched market expectations with a reading of 0.4% — a positive step in contrast to previous data of -0.5% from last month.

On the flip side, United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.

At the same time, United States API Weekly Crude Oil Stock came out at 3.69 million, while a consensus of analysts was expecting -1.3 million.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.186, thereby suggesting that Algorand USD is becoming overvalued. On the other hand, note that Algorand broke through the $0.17 resistance, climbing 1 cents above it.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Algorand is set for a reversal in the coming days.

Other markets are also showing gains as FTX Token surges 9.54% to trade around $1.36. Ripple is up 2.6% to $0.453. Litecoin gained 2.73% and is currently trading at $92.58.

Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Crude Oil Inventories projected to decline to -920,000 while previous data was 2.95 million; data will be released today at 14:30 UTC.

Also worthy of note, United States Philadelphia Fed Manufacturing Index (May) will be released tomorrow at 12:30 UTC.

Trending downwards for around a month. Algorand hit a significant low of $0.162 around 5 days ago, but has since recovered 4.52%.