Mixed sentiment leads Algorand cryptocurrency to trade sideways; establishes tight $0.146 to $0.149 range

Without a clear-cut direction, Algorand is trading around $0.147 and ranging between $0.146 and $0.149.

United States ADP Nonfarm Employment Change (May) is next today at 12:15 UTC.

This uncertain state for Algorand is reflected by published market data as United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 5.20 million, while the previous figure was -6.80 million. Fresh OPEC Crude Oil Production Algeria (Barrel) data from United States came out at 960,000.

Algorand USD is approaching key support, around 1 cents away from $0.144. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Algorand's upper Bollinger Band® is at $0.174 and the lower is $0.142.

Despite muted price action in Algorand, chart analysis indicates it is positioned for a bullish run in the short term.

While Algorand is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. After ending today's session at $0.375, Cardano lost $0.009 and is trading around $0.365. Bitcoin closed at $26,828 (down 1.5%).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released today at 15:00 UTC. United States ADP Nonfarm Employment Change (May) is expected today at 12:15 UTC. United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 253,000, data will be available tomorrow at 12:30 UTC.

Trending downwards for around 2 months. Algorand is now trading 65.16% below the significant high of $0.424 it set around 6 months ago.