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May 04, 2023
Having lost $0.053 over 19 days, Today is looking a bit better: Algorand trades at $0.181, after ending today at $0.181.
This uncertain state for Algorand is reflected by published market data as United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.
As the trading day commences, technical analysis suggests Algorand USD is approaching key support, around 1 cents away from $0.176. 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.
Other markets show mixed performance as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. UNICORN Token USD draws back 2.98% to trade around $6.43.
Moreover, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.
On a negative trend for around a month. Approximately 11 months ago, Algorand reached a significant high of $0.749 but has struggled to hold onto its gains and declined 75.79% since then.
