Bearish Algorand currently $0.005 lower after trading as low as $0.22

Algorand is consolidating around the $0.221 level after dropping $0.005 at the start of the trading session.

Support/Resistance levels obtained from chart analysis indicate that Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.222. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Algorand's lower Bollinger Band® is at $0.219, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

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, UNICORN Token USD closed at $6.43 (down 2.98%). After ending today's session at $89.92, Litecoin lost $1.68 and is trading around $88.24.

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

Furthermore, United States Fed Chair Powell testimony set for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.

Approximately 11 months ago, Algorand reached a significant high of $0.95 but has struggled to hold onto its gains and declined 76.12% since then.