While on a 5 day slump, falling a total of 18.96%, More of the same today: Algorand slides down from $0.246 to $0.241 today, losing $0.005 (2.06%).
United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts.
On the flip side, positive data for Algorand released earlier when data for United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at 0.5%, beating projections of 0.1% and showing improvement over the preceding figure of -0.9%.
While price action maintains a negative bias, United States New Home Sales (Oct) came out at 632,000, while a consensus of analysts was expecting 570,000.
Algorand USD could begin to recover as it approaches significant support, now 1 cents away from $0.239. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Algorand peaked above its 3 day Simple Moving Average around $0.247 — typically an early indicator of a new bullish trend beginning to emerge. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal.
Overall, looking at the technical analysis landscape, it seems Algorand —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Other assets are showing positive performances as Ripple ascends 4.74% to trade around $0.4. TRON added 2.53% to its value, now trading at $0.053.
11 months ago Algorand reached a significant high of $1.97 but has consequently lost 87.47% since then.