CoinTrade Japanese crypto exchange announced Algorand’s staking launch on June 17, 2013. In the announcement, it was revealed that the annual percentage yield of the Algorand staking would be 4,4%.
Chart Nerd, a technical analyst on X, said that the $875 million Layer-1 market cap token had been in a downtrend for a while.
A massive and multi-year dropping wedge off the highs in 2021. Current support is in the area of $0.08-$0.085.
A fifth downward wave to $0.057 could be possible based on the Elliot Wave Theory.
The analyst said that such a decline could represent the last sweep of the low cycle and result in an upward breakout in the future from the wedge.
As it stands, the final downward leg is in progress and could come later in 2026. Watch out for these important resistance and support zones in the coming weeks and days.
Algorand may see an upswing from the oversold area
Swing points for the 1 day timeframe are $0.145 and $0.059.
Orange indicates that neither level is disturbed. This rally was a direct result of chain readiness to meet the demand for post-quantum computingThe swing high established earlier in 2026 was not threatened.
In the week following the recent retracement beneath the $0.10 round number support, there was a positive bounce. MFI began to fall into the oversold area but now has climbed towards neutral.
The OBV continued to climb.
The CVD of the three-month spot taker showed that neither buyers or sellers were in control. This idea was in opposition to the recent uptrend of OBV.
Call to Action for Traders: Wait until the market bounces before selling
Watch the $0.095 and $0.05 areas. The $0.105 zone that was once demand and is now supply could be cleared, which would mean a possible move up to $0.128 based on retracement level plotted.
Trading should be cautious given the overall crypto market sentiment. However, traders should not turn FOMO into an excuse to go long. Algorand [ALGO] Relief rallys are held if they occur.
Final summary
- Combining the Algorand stake launch with conditions that were oversold could have contributed to recent gains.
- It was still bearish on the higher timeframe, although a possible bounce could have been as high as $0.128 and beyond $0.105.
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Source: ambcrypto.com
