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April 20, 2023
Algorand has been losing ground for 5 days, shedding a total of 16.42% of its value. More of the same today: trading lower, Algorand is currently down $0.004 as it ranges between $0.195 and $0.2 so far today.
United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.
United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure.
Meanwhile, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Trend 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.2, a low enough level to, generally, suggest that Algorand is trading below its fair value. Algorand's notable support and resistance levels: Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.197. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Algorand has no clear-cut direction.
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. Dogecoin moves up 4.25% to trade around $0.092.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as 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 239,000.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for today at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out today at 14:00 UTC.
Trading mostly sideways for a month. Algorand is now trading 73.44% below the significant high of $0.749 it set around 11 months ago.
