Bearish Algorand currently $0.006 lower after trading as low as $0.182

After a mostly steady day, Algorand loses $0.006 late into the session, trading at $0.184.

United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.

On the flip side, highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.

While price action maintains a negative bias, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.183. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Algorand peaked above its 3 day Simple Moving Average around $0.194 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $0.175, a low enough level to, generally, suggest that Algorand is trading below its fair value.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Algorand is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other markets, Litecoin is down $3.94 from the beginning of the session and now trades around $67.69. EOS is trading around $0.988 (down $0.057).

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

Pointing downwards for around 28 days. Algorand has fallen back around 80% from the significant high of $0.95 set 11 months ago.