Akash Network (AKT) Price Analysis: Is a Massive Surge Imminent?

With Bitcoin struggling under $60,000, the bullish trend in the altcoins is slightly slow to pick up pace. However, with the increasing chances of a broader market recovery next week, smart money is focused on finding high-potential altcoins like the Akash Network (AKT) price.

The cryptocurrency market continues to witness a slowdown in the bullish momentum, particularly among altcoins, as Bitcoin (BTC) encounters difficulties in surpassing the crucial $60,000 resistance level.

However, anticipation of a broader market recovery in the upcoming week is attracting attention to altcoins with high potential, including the Akash Network (AKT) price.

A close examination of the AKT price trend reveals a buildup for a substantial surge in the coming week, making it an interesting subject for analysis.

Akash Network Price Performance

The AKT price demonstrates a positive turnaround, evident in its deviation from the declining support trendline and lower price rejection at $2.50.

This positive shift is highlighted by a 20% price increase over three weeks, as the altcoin rallies from the support line.

Chart: Tradingview

The prevailing pullback phase is forming a declining trendline, and the recent recovery completes a triangle pattern. Currently, the AKT price finds support at the rising trendline and trades at $3.21, experiencing an intraday pullback of 3.21%.

As the price approaches the narrow apex of the triangle, sideline traders anticipate an imminent trend-deciding breakout.

Furthermore, the AKT price has declined by 10% over 48 hours, completing an evening star at the trendline, indicating a potential evening star.

Technical indicators:

RSI: The daily RSI line remains in a declining trend, albeit slowly, and is positioned around the halfway line, teasing a bullish comeback.

EMA: The 50D EMA is declining and approaching the 200D EMA, warning of a potential death cross.

Could AKT Price Reach $6?

The recovery rally enhances the breakout possibilities, and the AKT price is likely to experience a bounce-back soon.

Utilizing Fibonacci retracement levels, the altcoin may encounter the 23.60% level, indicating a price around $5, following the triangle breakout rally.

Conversely, a downfall may lead the price to the long-coming support trendline around $2.50.

The above is the detailed content of Akash Network (AKT) Price Analysis: Is a Massive Surge Imminent?. For more information, please follow other related articles on the PHP Chinese website!