Without a clear-cut direction, Algorand is trading around $0.222 and ranging between $0.219 and $0.225.
United States's Initial Jobless Claims new data released of 230,000 below its previous figure.
Uncertainty around Algorand is reflected by published market data as highly important Initial Jobless Claims data from United States beat analyst expectations of 230,000 with a reading of 230,000. United States Crude Oil Inventories released earlier showed a marked improvement to -5.19 million from the preceding data of -12.58 million, but fell short of the -3.31 million figure forecast by a consensus of market analysts. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -373,000, while the previous figure was -415,000.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Algorand's upper Bollinger Band® is at $0.272 and the lower is $0.213. Support/Resistance levels obtained from chart analysis indicate that Algorand is approaching key support, around 1 cents away from $0.214. 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 current technical outlook indicates Algorand will continue to ebb sideways within tight ranges for the immediate future.
At the same time, mixed performances are seen elsewhere as FTX Token closed at $1.36 (down 2.06%). Having closed the previous session at $284.33, Binance Coin is up 1.21% today to currently trade at around $287.77. TRON gained 0.83% and is now trading at $0.054.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Producer Price Index figure is projected at 0.2%. It previously stood at 0.2%; data will be released tomorrow at 13:30 UTC.
Approximately 11 months ago, Algorand reached a significant high of $1.79 but has struggled to hold onto its gains and declined 87.66% since then.