Bearish Algorand mostly flat today, trading at $0.19

A 6 day downtrend has resulted in the asset losing $0.044. Today is looking a bit better: without a clear-cut direction, Algorand is trading around $0.19 and ranging between $0.188 and $0.191.

Algorand is currently trading at $0.19 following the release of Services PMI data from the United States.

This uncertain state for Algorand is reflected by published market data as United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. Fresh Philadelphia Fed Manufacturing Index (Apr) data from United States came out at -31.3.

Trend and momentum analysis indicates 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. Analysis based on the asset volatility indicates that Algorand's upper Bollinger Band® is at $0.241 and the lower is $0.19. Support/Resistance levels obtained from chart analysis indicate that Algorand is approaching key support, around 1 cents away from $0.187. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Overall, the technical outlook suggests Algorand is likely to remain muted for the immediate future, with no clear-cut direction.

At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Ripple is down $0.018 from the beginning of the session and now trades around $0.458.

Over the past 11 months, Algorand has retreated 74.53% from a noteworthy peak of $0.749.