Akash Network (AKT) Crypto Price Prediction: Has the Reversal Begun?

Over the last week, the Akash Network (AKT) has experienced a surge of over 20%. This surge triggered a spark among investors

The Akash Network (AKT) price has surged by over 20% in the last week, sparking investor optimism about a potential bullish reversal.

After bouncing off the $2 support level, the AKT price has shown continuous buying interest, hinting at bullishness. The price rise also suggests an upcoming trend reversal.

Furthermore, the altcoin is set to gain short-term momentum. A breakout and close above the $3 mark will validate the bullish outlook.

If the AKT price crosses the $3 horizontal neckline, it could trigger a massive upswing. This may lead the price to retest the 200-day EMA zone near the $3.30 mark in the coming sessions.

AKT Price Prediction: Has The Reversal Begun?

The technical analysis from the daily time frame gave a bullish AKT crypto price prediction. It is due to the recent breakout of the falling wedge formation, which is considered a bullish reversal pattern.

The AKT price was trading at $2.84 at press time, with an intraday rise of over 7.39%. This showed significant buying momentum. It boasted a market cap of $116.19 Million and was positioned as the 89th largest crypto.

@CNSSignals, in his post, said that the Akash Network price has escaped a symmetrical triangle pattern. A successful retest could lead to a price upsurge in the coming sessions.

$AKT / USDTThe price has broken the symmetrical triangle pattern. A successful retest will provide a bullish rally. pic.twitter.com/mypATIgELx

As per the Fib levels, AKT crypto had crossed the 38.2% zone and aimed to revisit the 50% zone. It was placed around the $4 mark.

Technical indicators and On-Chain data insightsThe Relative Strength Index (RSI) has supported the constant expansion. It was currently approaching the overbought zone, 65 at press time. This suggested that a potential upmove is on the horizon.

Technical Indicators Data | Source: Coinalyze

Interestingly, the Chaikin Money Flow (CMF) index also backs the recent price gain, as it is evident that substantial inflows were entering the market that led to the price surge.

Moreover, the Moving Average Convergence Divergence (MACD) indicator has consistently formed the green bars on the histogram and replicates a bullish view on the chart.

According to Coinglass data, the token’s funding rate across cryptocurrency exchanges has been primarily positive since 17 September. A positive funding rate suggests a high demand for long positions.

Source: Coinglass

The uptick in the AKT price in the past few days has led to a rise in the demand for long positions. This signaled a shift in market sentiment from bearish to bullish. The OI-weighted funding rate was above zero at 0.0100% at press time.

Furthermore, the Open Interest (OI) surged by 14.51% to $3.35 Million in the past 24 hours. It indicated a long buildup activity.

The immediate support zones for AKT crypto were around $2.30 and $2. At the same time, the upside hurdles were around $3.20 and $4 to watch out for the upcoming sessions.

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