Algorand Price Hopes to Break Out of Bearish Wedge Pattern

Algorand's (ALGO) price has been on a downward trend since its 2021 highs, according to technical analyst Chart Nerd. The token is currently in a long-term downtrend and has formed a massive falling wedge pattern, which could be nearing its conclusion.

The support for Algorand is currently at the $0.08-$0.085 area, with a possible fifth wave downward to $0.057 predicted by Chart Nerd based on Elliot Wave Theory. This drop could be the final sweep of the cycle's low and result in a bullish breakout from the wedge.

On June 17th, Japanese crypto exchange CoinTrade announced the launch of staking for Algorand with an annual percentage rate of 4.4%. This development has contributed to the recent gains in ALGO price.