Algorand's 4.4% staking launch lands on CoinTrade while chart points to $0.057 floor

Japanese crypto exchange CoinTrade announced on Wednesday, June 17, the launch of staking for Algorand with a 4.4% annual percentage rate. The Layer-1 token $ALGO, which carries a market capitalization of $875 million, continues to trade within a multi-year falling wedge structure that dates to its 2021 highs, according to technical analyst Chart Nerd in a post on X. Current support sits in the $0.08–$0.085 area, while the nearby resistance zones to monitor are $0.095 and $0.105.

Applying Elliot Wave Theory to the pattern, Chart Nerd identified the potential for a fifth wave downward to $0.057, a move that could complete a final sweep of the cycle's low and set up a long-term bullish breakout from the wedge. The analyst said the final leg downward could arrive later in 2026. On the 1-day timeframe, swing points at $0.145 and $0.145 have not been disturbed, and the April rally tied to the chain's readiness for post-quantum computing failed to threaten the swing high set earlier in 2026.

Recent price action has shown a retracement below the $0.10 round-number support, followed by a bounce over the past week. The Money Flow Index dropped into oversold territory before climbing back toward the neutral zone, while the On-Balance Volume has been steadily climbing higher. The 3-month Spot Taker Cumulative Volume Delta showed neither buyers nor sellers in control, a reading that contrasts with the OBV's uptrend in recent months.

If $ALGO clears the $0.105 former demand zone, which is now acting as supply, retracement levels suggest a move toward $0.128 could follow. The setup against the broader crypto market backdrop has left traders cautious about initiating long positions while also avoiding any rush into a relief rally should it materialize.