- AKT’s social dominance curve saw a massive rise of over 30% this week.
- Its Open Interest witnessed a spike of over 15.87% to $1.21 Million in the past 24 hours.
Built on the Osmosis chain, the AKT token witnessed a significant bullish accumulation this week. AKT has successfully reclaimed the 20-day EMA mark amid the improved market sentiment. It indicated the potential for further upward movement.
Notably, crypto assets with a lower market cap have been on a shooting spree in the last couple of days. Indeed, the market bulls have been riding the bullish track and are hoping for recovery. Investors have anticipated a significant breakout ahead.
The token in the short-term flipped back to bullish following an impressive market recovery, especially in the last week. With the supply level of the market continuing to rise for a long time, the token may see significant volatility ahead.
The ongoing price action signified a daily surge above the $3 mark, allowing for sustained buying pressure.
Retesting the price above the trendline barrier of $3 can turn the previous resistance into support. Also, a massive parabolic upmove can be seen in the short term.
How Is Akash Network Token Doing?
At press time, the AKT was trading at $2.75 with an intraday surge of 4.36%. This reflected a slight upmove on the chart.
A sharp surge of over 430% in the trading volume was noted in the past 24 hours, which heightened investors’ optimism.
AKT Price Action Represents Renewed Positive Sentiment
The AKT token was traded inside a declining channel for the past few weeks. It witnessed a correction journey from the $6 mark to the $2 mark, dropping more than 60% till now.
However, the correction phase has ended, and a renewed buying interest has been noted. The $7 mark is the immediate resistance level that bulls are targeting to cross for a significant bullish breakout ahead.
AKT Price Chart | Source: Santiment
The Relative Strength Index (RSI) curve reached the midline region, with a positive crossover observed on the chart. Meanwhile, the MACD indicator crossed the signal line and showed upward momentum was likely.
@ElonTrades, in his tweet, said that the AKT token regained bullish momentum and is ready for a significant bullish journey ahead.
$AKT up 18% today 🔥
— ElonTrades (@ElonTrades) August 11, 2024
Stake n’ chill pic.twitter.com/cjcAGjbjsF
A Tweet by @ElonTrades | Source: X
The Fibonacci retracement levels showed where a bullish reversal could occur in the coming sessions. This would happen if the AKT price crosses the prompt hurdle at the $7 mark.
The AKT token would lean toward an ongoing bearish trend unless bulls can spark a huge volume increase or show signs of a breakout.
Social Metrics Saw a Sharp Spike
This week’s ongoing buyers’ accumulation affected the investors’ discussion activity. Moreover, a significant upsurge in the dominance curve was witnessed in the social dominance curve.
Social Dominance Data | Source: Santiment
The weighted sentiment data was still valued near the zero line. It was noted on a negative note at around 0.107%. This represents the fact that investors still need to be more confident.
Notably, the futures Open Interest (OI) data rose over 15.87% to $1.21 Million. It implied a fresh, long buildup in the last 24 hours.
Furthermore, the funding rate data switched to a positive value after a long wait. This signified that investors have begun accumulating the token.
If the AKT price successfully registers a breakout beyond the $7 mark, it may reach the resistance mark of $8. The $8.40 mark would follow this in the short term.
Conversely, it could see a dip toward the $6.20 if it faced rejection near the trendline mark. This would be followed by the $5.80 mark ahead.
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.
