Akash Network (AKT) Crypto Price Prediction: Will AKT Price Rise After a 1800% Jump From the Bottom?

The Akash Network crypto price has witnessed strong buying in the last two days. The crypto market cap has advanced by 18% within 24 hours.

The price of Akash Network (AKT) crypto has witnessed a significant surge of 18% in the last 24 hours, outperforming the broader crypto market. The native token of the decentralized cloud computing network has seen strong buying, pushing its market capitalization to $831.927M.

As the demand for AKT crypto surged, its trading volume also witnessed a massive increase of 51.18% in the last 24 hours. The high trading volume indicates a strong interest in the crypto, which is further supported by the bullish sentiment.

According to CoinCodex, Akash Network was the 73rd largest cryptocurrency in the global crypto market at press time, with a market cap value of $831.927M. Its market cap dominance was 0.04%, and the sentiment was bullish.

Moreover, the value of the traded volume of Akash Network crypto in the last 24 hours was $56.741M at press time. Its volume/market cap ratio was 6.8%, showing medium crypto liquidity.

The AKT crypto price advanced by 1800% from its all-time low price of $0.1672, achieved on November 22, 2022.

Furthermore, the all-time high price was achieved three years ago on April 07, 2021. The all-time high price of the crypto is $8.08, and the CMP of the crypto is down by 59% from the ATH.

Akash Network Crypto Derivatives Data AnalysisAn increase in demand for the crypto’s derivatives was seen, which was followed by a surge of 37% in the trading volume of the crypto.

Akash Network Crypto Derivatives Volume Chart | Source: Coinglass

The crypto derivatives volume chart showed increased volume over the last few days. The open interest in crypto has also advanced by 24% in the last 24 hours from the press time.

Moreover, the shorts liquidated for the crypto are higher than the longs liquidated. The value of the longs liquidated in the last 24 hours is worth $2.05 against the shorts of $6.13K, which shows buyers’ dominance.

AKT Crypto Technical AnalysisWhen writing, the larger timeframe shows a bullish trend as the price of the AKT crypto followed a strong uptrend and a consistent surge in price for the last 1 year.

AKT Crypto Daily Price Chart | Source: Tradingview

The AKT price witnessed profit booking from the higher levels, leading it to the lower levels of $2.5. The price has taken support at the lower levels and has formed a double bottom.

If the price of the crypto further breaks above the level of $4.0 and closes above the same on the daily chart, we might see a further surge in the crypto price in the future.

AKT/USD Chart by TradingView.com

The price of the AKT crypto was trading below the 200-day EMA at press time. The 50-day and the 200-day EMAs were trading in a golden crossover. It showed that the price might reverse to higher levels soon.

The MACD metrics were trading in a negative trajectory while forming a golden crossover at press time and advancing to higher levels.

The RSI has also hit the 50 level and has advanced above the 14-day SMA. If it further breaks above the 50-level, a surge in the momentum of the crypto might be seen.

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