After a mostly steady day, Algorand loses $0.008 late into the session, trading at $0.231.
Algorand USD made an initial break below its 3 day Simple Moving Average at $0.23, a possible indication of a forthcoming negative trend. Algorand's upper Bollinger Band® is at $0.239 which indicates a further downward move may follow. Despite this, Algorand bounced after reaching the $0.229 support zone, climbing 1 cents above it.
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, EOS is down $0.029 from the beginning of the session and now trades around $1.03. After ending today's session at $0.086, Dogecoin lost $0.002 and is trading around $0.084.
Other assets are showing positive performances as FTX Token is up 9.54%.
This year has been a bright one for Algorand after trading as low as $0.165 and going on to appreciate by 35.91% year to date.