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July 04, 2023
Algorand is on a 7 day uptrend — Bucking the trend and turning lower, Algorand is down to $0.127, after ending today at $0.128. Overall, a 1.03% loss or $0.001 today.
Meanwhile, United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) released yesterday at 14:00 UTC with a figure of 41.8, while the previous figure was 44.2.
Algorand USD's upper Bollinger Band® is at $0.137 which indicates a further downward move may follow. On the other hand, note that Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.123. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Algorand to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Algorand is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash is down $7.41 from the beginning of the session and now trades around $283.
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.
Furthermore, United States FOMC Meeting Minutes will be released tomorrow at 18:00 UTC.
Having set a significant high of $0.424 7 months ago, Algorand is trading 69.77% lower.
