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June 21, 2023
Having gone up $0.011 over the past 11 days, Heading in the same direction for now — tentatively higher from an earlier low of $0.121, Algorand is up to $0.122 today, adding $0.001, or 0.87%, to today's closing price of $0.121.
At the same time, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts came out at 21.7%, better than analyst estimates of -0.8% and improving upon the previous reading of -2.9%. United States Housing Starts (May) released yesterday at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
As the trading day commences, technical analysis suggests after reaching the known resistance zone beginning at $0.122, Algorand USD price action retreated approximately 1 cents.
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
Also worthy of note, United States Existing Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
Trending downwards for around 2 months. Over the past 7 months, Algorand has retreated 71.38% from a noteworthy peak of $0.424.
