ALGO price prediction – Can Algorand’s 4.4% staking hype beat bearish wedge?

On Wednesday, the seventeenth of June, Japanese crypto change CoinTrade introduced the launch of staking for Algorand. The annual proportion charge of the staking yield could be 4.4%, the announcement revealed.

The $875 million market cap Layer-1 token was in a long-term downtrend, identified technical analyst Chart Nerd in a put up on X.

The large, multi-year falling wedge from the 2021 highs. The present assist was on the $0.08-$0.085 space.

Primarily based on Elliot Wave Concept, a fifth wave downward to $0.057 is feasible.

Such a drop might be the ultimate sweep of the cycle’s low and will end in a bullish breakout from the wedge within the long-term, the analyst concluded.

As issues stand, the ultimate leg downward is brewing and will arrive later in 2026. Listed here are the necessary assist and resistance zones to be careful for within the coming days and weeks.

Algorand would possibly see a bounce from oversold territory

The swing factors on the 1-day timeframe have been at $0.145 and $0.079.

Marked in orange, neither stage has been disturbed. The rally in April, which got here on account of the chain’s readiness for post-quantum computing, didn’t threaten the swing excessive set earlier in 2026.

The current retracement beneath the $0.10 round-number assist noticed a bounce over the previous week. The MFI fell into oversold territory however has since climbed again towards the impartial zone.

In the meantime, the OBV was steadily climbing greater.

The three-month Spot Taker CVD confirmed neither patrons nor sellers had the higher hand. The thought ran in opposition to the OBV’s uptrend in current months.

Merchants’ name to action- Await a bounce to promote

The $0.095 and $0.105 areas have been the close by assist/resistance zones to look at. If the $0.105 former demand, now provide zone, is cleared, it might point out a transfer as excessive as $0.128 is feasible, primarily based on the retracement ranges plotted.

Merchants must be cautious of going lengthy given the broader crypto market sentiment, but in addition mustn’t FOMO into an Algorand [ALGO] aid rally if it happens.

Remaining Abstract

• The Algorand staking launch on CoinTrade, mixed with oversold circumstances, might have helped through the current days’ positive factors.
• The upper timeframe pattern remained bearish, however a bounce previous $0.105 and as excessive as $0.128 was attainable.