Algorand reaches its lowest point in 2 years after dropping $0.023 to $0.24.
As the trading day commences, technical analysis suggests Algorand USD fell below the $0.252 support zone and moved 1 cents beyond it; the next level of support with significant buyer interest is estimated at $0.242. With regards to technical trend indicators, chart analysis show that 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. According to asset volatility analysis, Algorand's lower Bollinger Band® is at $0.237, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Algorand has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, TRON is down to $0.046, losing $0.005, after closing at $0.051 in the preceding trading session. After ending today's session at $0.342, Ripple lost $0.015 and is trading around $0.327.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.48, FTX Token is up 8.73% today to currently trade at around $1.6.
In addition, United States Producer Price Index is projected to outperform its last figure with 0.5%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Algorand has shed $1.72 points and is languishing 86.73% lower over the past year, leaving its yearly highs around $2 in the rear-view mirror.