Is it the end of Algorand's rally? After four days of gains, it is down by 2.36% today

Algorand slides down from $0.223 to $0.218 today, losing $0.005 (2.36%).

United States Initial Jobless Claims didn't cause a noticeable effect even though it falls short expectations with 228,000.

United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. Highly important Crude Oil Inventories data from United States beat analyst expectations of -2.33 million with a reading of -3.74 million.

Meanwhile, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5.

Algorand USD made an initial break below its 21 day Simple Moving Average at $0.217, a possible indication of a forthcoming negative trend. Algorand's upper Bollinger Band® is at $0.233 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 $0.215. Dipping below could be an indication that further losses are ahead.

Looking forward, Algorand is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, Cardano is down $0.007 from the beginning of the session and now trades around $0.385.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Having closed the previous session at $1.19, EOS is up 3.41% today to currently trade at around $1.23.

Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 239,000 while its preceding data was 311,000, data will be available tomorrow at 12:30 UTC.

Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.

Having set a significant high of $0.8 11 months ago, Algorand is trading 72.17% lower.