Akash Network (AKT) Price Analysis: Is $5.4 the Next Target for This AI Crypto? Key Indicators and Levels to Watch
The Akash Network (AKT) price action has demonstrated upward momentum and notable trading activity. Supported by strong price levels and a surge in trading volume, AKT is on the path toward achieving higher price targets. Market analysts and traders are closely monitoring these movements, especially as Bitcoin (BTC) also maintains its stance.
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Akash Network (AKT) Price Analysis
At press time, Akash Network (AKT) trades at $3.20, reflecting a 4.64% increase over the last day. Despite this positive daily change, the past week has seen a 5.14% decline. With a daily trading volume of $37,704,764.27, the market remains highly active.
The daily price chart shows AKT hovering around $3.169. From November 2023 to late March 2024, AKT experienced an uptrend, peaking at around $7.0. However, this was followed by a downtrend, with the price now stabilizing around the $3.169 mark.
The Bollinger Bands indicate narrowing bands, suggesting reduced volatility. The current position of the price near the lower Bollinger Band ($2.614) suggests that AKT may be oversold, potentially leading to a bounce back toward the middle band ($3.831).
Both the 50-day ($4.289) and 100-day ($4.342) EMAs are currently above the price, reinforcing a bearish trend. This positioning suggests that while the current trend is negative, there could be a shift if the price breaks above these levels.
The MACD line is at -0.502, with the signal line at -0.439. A negative histogram indicates bearish momentum, although the reducing size of the histogram bars suggests this momentum may be weakening.
The RSI is at 34.94, below the neutral 50 mark, indicating bearish conditions. As it approaches the oversold region, this could present a potential buying opportunity if reversal signs appear.
Read also: Crypto Analysts Update Their Bitcoin Price Predictions, But Here’s a Catch
Market Implications
The current market sentiment for AKT is bearish, reflected by the price being below key EMAs, a negative MACD histogram, and an RSI below 50. These indicators highlight a prevailing downward trend.
However, there are signs of a potential reversal. The approaching oversold RSI and narrowing Bollinger Bands indicate reduced volatility, suggesting that AKT could be nearing a support level. If the price finds solid support and momentum indicators turn positive, a trend reversal could be on the horizon.
The narrowing of the Bollinger Bands hints at an imminent market move, which could be in either direction. Traders should watch for confirmation of a reversal or continuation of the current trend before making decisions.
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According to Decilizer, AKT has shown a consistent upward trend, with solid support at $2.8. This foundation has helped it gradually inch closer to the target of $5.4. Historical data shows that during the last rally, AKT achieved gains of up to 17 times its initial value.
On the trading front, Joey Stackss highlighted that AKT at $2.55 was a significant buying opportunity. The price surged nearly $0.50 swiftly, indicating that AKT might be just warming up before the real pumps begin.
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