Why is Akash Network (AKT) Price Pumping?

Akash Network (AKT), the world’s first decentralized cloud computing marketplace, has seen a remarkable 49.68% price increase in the last 24 hours. The surge in AKT’s value comes on the heels of an announcement by Upbit, South Korea’s largest cryptocurrency exchange, regarding the AKT token’s listing. This news has driven significant trading volume and investor interest in the project.

Upbit Listing Fuels AKT Price Rally

The Upbit listing announcement has been a major catalyst for AKT’s price appreciation. As one of the most prominent exchanges in South Korea, Upbit’s decision to list AKT has exposed the token to a large pool of potential investors and traders.

The increased visibility and accessibility provided by the Upbit listing have contributed to the substantial 49.68% price increase observed in the last 24 hours.

Market Reaction and Profit-Taking

While the Upbit listing has undoubtedly had a positive impact on AKT’s price, some traders are expressing caution. According to a tweet by Wet Market Trading, a 50% pump in a single 30-minute candle may not be backed by sufficient volume and may not be entirely news-driven. As a result, some traders are opting to take profits at this point, especially considering that AKT is revisiting its all-time high.

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However, Wet market trading remains long-term bullish on AKT and plans to buy back some tokens at lower prices. This sentiment suggests that while short-term profit-taking may occur, the overall outlook for Akash Network remains positive.

Technical Analysis

Our technical analysis reveals that AKT has broken out of a descending channel, signaling a potential trend reversal and further upside potential. Additionally, the daily chart Relative Strength Index (RSI) stands at 71.28, indicating strong bullish momentum. An RSI above 70 is often considered overbought, suggesting that the token may be due for a short-term correction or consolidation.

Furthermore, AKT is currently trading well above its 200-day moving average (MA) of $2.9020. The 200-day MA is a key long-term support level, and trading above this level is generally considered a bullish sign. This indicates that AKT has significant room for growth and that the current price action may be part of a larger uptrend.

About Akash Network

Akash Network is a decentralized cloud computing marketplace that aims to provide a cost-effective and flexible alternative to traditional cloud service providers. By leveraging the power of blockchain technology and a decentralized network of computing resources, Akash Network enables developers and businesses to deploy and scale their applications seamlessly.

The AKT token serves as the native cryptocurrency of the Akash Network ecosystem, facilitating transactions, staking, and governance. As the adoption of decentralized cloud computing solutions continues to grow, the demand for AKT is expected to increase, potentially driving further price appreciation.

The Upbit listing announcement has been a significant driver of Akash Network’s recent price surge, with AKT experiencing a nearly 50% increase in just 24 hours. While some traders are taking profits at the current levels, the overall sentiment remains bullish, with many investors and analysts maintaining a long-term positive outlook on the project.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency