Why Is Akash Network (AKT) Crypto Pumping? Price Action Suggests Major Rally Ahead

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.

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.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Read Also: Notcoin Analysts Predict Continued Bullish Rally for NOT Following Key Breakout, Share Price Targets

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.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo