On Tuesday, Akash Network’s native token, AKT, stood out among top cryptocurrencies with a 55% price surge. This unexpected increase may be connected to its recent listing. With Bitcoin‘s fourth halving now behind us, the crypto market is experiencing a new wave of optimism, fueling the rebound of altcoins like Akash Network.
Is AKT Price Ready to Surpass $6.5 High?
During the ongoing fourth Bitcoin price reduction, the Akash Network token managed to surpass the $3 mark, demonstrating its resilience. This significant level aligns with the 50% Fibonacci retracement point, generating substantial buyer interest and a potential buying opportunity.
In simpler terms, the price of AKT has surged 68% since its previous backing and is now valued at $5.95. The primary increase occurred today as AKT became accessible to a larger investor and trader base with its new listing on Upbit Global, South Korea’s leading exchange.
$AKT is now trading on @upbitglobal in KRW, BTC, and USDT markets
— Akash Network (@akashnet_) April 23, 2024
$AKT can be exchanged for South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) in trading pairs. This new availability may enhance $AKT’s liquidity, granting traders more choices when conducting transactions.
Based on data from CoinMarketCap, Akash Network holds the 69th position among cryptocurrencies with a market value of approximately $1.33 billion.
Instead of this: “However, the AKT price encountered an oversupply at the $6.5 resistance level, as shown by the long wicks in a daily candle’s rejection. This reversal could give the altcoin another chance to touch its $5 support and demonstrate its ability to rise further.”
In other words, the AKT price could remain high above the $5 mark in the near future, providing a chance for hesitant investors to purchase more. If the bullish trend continues, the buyers might be able to surpass the $6.5 resistance level, indicating that the current uptrend will carry on.
Technical Indicator
- Exponential Moving Average: The coin correction rebounded from the 200-day EMA highlights the overall trend remains bullish.
- Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) accumulates the return of recovery sentiment in this asset.
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2024-04-23 16:50