In the last 8 days, Algorand has lost a total of 20.13% of its value. Similar trend today: Algorand slides down from $0.19 to $0.187 today, losing $0.003 (1.44%).
As the trading day commences, technical analysis suggests Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.186. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates 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. Asset volatility analysis shows that Algorand's lower Bollinger Band® is at $0.182, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Algorand is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Ripple closed at $0.466 (down 1.21%).
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Having soared to a high of $0.749 approximately 11 months ago, Algorand is now trading 74.6% lower.
