Akash Network’s native token AKT has caught the attention of traders. After a prolonged bearish trend, the digital asset appears to be poised for a potential rebound. Let’s delve into the current state of AKT and explore the factors contributing to its recent price movement.
The past month has been challenging for Akash Network’s token holders, with AKT experiencing a significant downturn. The cryptocurrency saw its value plummet by nearly 50% over the last 30 days, raising concerns among investors. However, recent market activity suggests a possible shift in sentiment.
What you'll learn 👉
Technical Analysis Insights
Yesterday’s trading session concluded with a bullish close for AKT, sparking optimism among market participants. This positive price action has led many to speculate that a recovery phase may be imminent.
Price action revealed a crucial support level for AKT, which the token has successfully held. This level is particularly noteworthy as it coincides with a previous point of recovery. The last time AKT reached this support, AKT demonstrated remarkable resilience, initiating a bullish reversal that resulted in a rally of nearly 100%.
The repetition of this pattern at the current price point has raised expectations of a similar bullish scenario unfolding once again.
Akash (AKT) Price Prediction
Adding weight to the bullish outlook, cryptocurrency analyst ChartMonkey (@ChartMonkeyBTC on X) has shared an optimistic perspective on AKT’s future price movement. According to their analysis:
“Akash holds strong above the support level and ascending trendline, signaling a bullish trend. Resistance at $6.26 is the next target for this trade.”
This projection aligns with the broader technical analysis of AKT’s price chart, further bolstering the case for a potential upward movement.
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Current Trading and Potential Gains
As of the latest available data, AKT is trading at $3.46. Should ChartMonkey’s projection materialize and the token reaches the stated resistance level of $6.26, it would represent a substantial gain of approximately 82% from its current price.
The combination of strong support, historical patterns, and expert analysis points towards a potentially significant upside for the digital asset.
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