Bearish Algorand currently $0.002 lower after trading as low as $0.158

Algorand is range-bound between $0.158 and $0.163 today after shedding $0.002 and closing at $0.162 today.

United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.

Meanwhile, United States Michigan Consumer Expectations (May) came out at 53.4, while a consensus of analysts was expecting 59.8.

Technical chart analysis shows Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.158. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, 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. Momentum evaluation shows that the Relative Strength Index indicates Algorand is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.159, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates Algorand will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, after ending today's session at $27,000, Bitcoin lost $666.33 and is trading around $26,334. Litecoin closed at $78.63 (down 2.98%).

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Pointing downwards for around a month. Algorand has shed 35.58% over the past three months.