- Akash Network (AKT) price has jumped by 120% YTD.
- AKT price is trading over the key moving average which indicates the bullish trend.
AKT price has performed positively since its launch date and currently roving near ATH. The Akash Network price has been in a strong bullish trend since October 2023 and witnessed one directional move. Akash Network’s price reached an all-time high in mid-March and consolidated for a few weeks.
After the clash between bulls and bears, bears overcame and dragged down the price by 50% in less than 3 weeks. The price took support on the 200-day exponential moving average and showed buying pressure. The asset price extended to the last swing high and faced resistance from the $6 hurdle and dropped to the 20-day EMA.
According to the technical indicators, the RSI is 53 and has generated a bearish crossover between the RSI and the RSI-based moving average. Bollinger Band shows that the price has faced resistance from the upper line to the basis line which demonstrates the negative forecast. Overall, the technical indicators show weaknesses.
AKT Price Rising Through a Channel; New All-time High Soon?
At press time, the Akash Network price traded at $5.20 which has gained 1.52% in the past 24 hours. The market capitalization is $1.25 Billion and the 24-hour trading volume is $47.58 Million. The circulating supply and the total supply is 236,834,616 AKT.
Currently, the Akash Network price has risen through a channel and reached near an all-time high. The price has taken support on the 20-day EMA and formed a hammer candlestick.
If it triggers a pullback and advances past the last swing high, then buyers may lift the price to a new all-time high. Suppose the bullish momentum is supported by the trading volume, then buying momentum for the long term can be observed.
According to the chart structure, the Akash Network price failed to sustain an all-time high. If the price slips below the 20-day EMA, then it may drop to the 200-day EMA. if the digital asset price starts trading below the 200-day exponential moving average, then most investors may prefer to book profits which may lead to a selling pressure.
Akash Network Price Prediction Over 4-H Timeframe
In a 4-H time frame, the Akash Network price has been rising by taking support on a trendline. At the time of writing, the AKT price has formed a bullish candlestick and exceeded the 20-day exponential moving average.
If the price sustains over the 20-day EAM, then it may extend to a new higher high. On the other hand, if they manage to drop below the trendline and sustain then selling pressure can be generated.
Conclusion
Akash Network price is currently at a crucial point, with several technical indicators showing mixed signals. The price has recently reached near an all-time high, but it faces resistance and may face a pullback. If AKT manages to sustain its bullish momentum and surpasses the resistance levels, it could potentially reach a new all-time high. However, if it fails to do so and drops below key moving averages, it may experience selling pressure.
Technical Levels
Resistance Levels: $5.90 & $7.00
Support Levels: $4.00 & $3.40
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
