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June 24, 2023While Algorand is in the midst of a 14 day up trend, Bucking the trend and turning lower, Algorand is down to $0.134, after ending today at $0.135. Overall, a 0.85% loss or $0.001 today.
Amid the market gloom, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions came out at 166,500. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Algorand's upper Bollinger Band® is at $0.139 which indicates a further downward move may follow. As the trading day commences, technical analysis suggests Algorand could begin to recover as it approaches significant support, now 1 cents away from $0.128. Dipping below could be an indication that further losses are ahead.
Overall, while Algorand has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, EOS is down to $0.726, losing $0.009, after closing at $0.735 in the preceding trading session.
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.
Algorand is up 22.03% from the significant low of $0.111 it hit 14 days ago.
