Is it the end of Algorand's rally? After three days of gains, it is down by 1.79% today

Algorand is grinding lower from $0.169 to $0.166, shedding $0.003 (1.79%) today.

United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3%. Algorand reaction to indicator information will follow.

Nonetheless, encouraging indicators for Algorand published earlier when data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

Amid the market gloom, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.

Algorand USD made an initial break below its 5 day Simple Moving Average at $0.169, a possible indication of a forthcoming negative trend. On the other hand, note that Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.165. Dipping below could be an indication that further losses are ahead. Algorand's lower Bollinger Band® is at $0.163, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Algorand.

In the meantime, negative performances are also seen in other markets, NEAR Protocol slumps 3.31% to trade around $1.61. UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43.

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

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 245,000 from the preceding figure of 242,000.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.

Pointing downwards for around a month. Having set a significant low of $0.164 4 days ago, Algorand is trading 2.78% higher.