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April 28, 2023
Algorand has been losing ground for 13 days, shedding a total of 21.86% of its value. Today is looking a bit better: a mostly flat day so far for Algorand, ranging between $0.183 and $0.185; currently at $0.183.
United States Core PCE Price Index (MoM) (Mar) is next.
Algorand's state is reflected by market data as United States Pending Home Sales published yesterday at 14:00 UTC came out at -5.2%, falling short of the 0.5% projections and continuing its decline from the previous 0.8% figure. United States GDP published yesterday at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure. United States Initial Jobless Claims came out at 230,000, better than analyst estimates of 248,000 and improving upon the previous reading of 246,000.
Algorand USD made an initial break below its 5 day Simple Moving Average at $0.183, a possible indication of a forthcoming negative trend. Despite this, Algorand is approaching key support, around 1 cents away from $0.182. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Algorand is positioned for a downward move in the near term.
While Algorand is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Binance Coin is trading around $322.22 (down $8.5).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (Mar) will be released today at 12:30 UTC.
Pointing downwards for around 28 days. Algorand has fallen back around 75.45% over the past 11 months, from a notable high of $0.749.
