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June 22, 2023
Without a clear-cut direction, Algorand is trading around $0.125 and ranging between $0.125 and $0.129.
- United States Crude Oil Inventories is next today at 15:00 UTC.
- While flat so far today, Algorand is on a 12 day bullish trend, gaining a total of $0.015 throughout.
Earlier data releases related to Algorand – United States Existing Home Sales (May) released today at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Here is the technical analysis of Algorand before macro data is released:
Analysis of Algorand's recent price action suggests Algorand USD is approaching key support, around 1 cents away from $0.122. 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.
Coming up for Algorand — as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.87 million, following on from the preceding figure of 7.92 million. New data is set to be published today at 15:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC.
As the markets get ready for more data to be released — FTX Token gained 9.54% and is currently trading at $1.36. After ending today's session at $249, Binance Coin lost $5 and is trading around $244. After ending today's session at $136.04, Bitcoin Cash lost $2.79 and is trading around $133.25.
Pointing downwards for around 2 months. Algorand has fallen back around 70.34% over the past 7 months, from a notable high of $0.424.
