- The sentiment of the Akash Network token was neutral as per CoinCodex.
- The token’s price rose by 155% in the last 1 year.
The token’s price was down by 63% from its all-time high of $8.08 and 63% of the total supply of tokens was in circulation.
The token’s total supply was 248.285M AKT and the token’s maximum supply was 388.539M AKT. This further resulted in a fully diluted market cap of $1.136 Billion while the market cap value of the token was $726.282 Million.
Additionally, in the last 24 hours from the press time, the market cap value of the token has advanced by 10.02%. The market cap ranking of the token was #82 as per CoinMarketCap, giving it a market cap dominance of 0.03% in the global crypto market.
The fear and greed index of the token was at 48 which showed neutrality among the token’s investors. Also, the price of the Akash Network token was highly volatile (10.14%), increasing the probability of uncertain spikes in the token’s price.
Akash Network Token Derivatives Data Analysis
The open interest of the Akash Network token derivatives displayed a rise of 39% over the last 24 hours.
The advance in the open interest of the token showed an advance in the number of open positions in the token. Additionally, the liquidation chart of the Akash Network showed higher short liquidations in the price over time. This represents the dominance of bulls in the token price.
An advance of 408% in the derivatives volume of the token was recorded in the last 24 hours from the press time. This has resulted in a traded value of $21.34 Million.
AKT Token Technical Analysis
The larger timeframe analysis of AKT crypto reveals a robust bullish trend, with the price following a strong uptrend over the past year. This consistent uptrend drove up the price, reflecting positive market sentiment.
Recently, the AKT price experienced profit booking from its elevated levels, leading to a decline towards the $1.80 mark. However, the price has found support at these lower levels, forming a higher high swing, which often signals a potential reversal.
If the AKT manages to break above the $4.00 level and closes above it on the daily chart, it could indicate the beginning of another surge. Such a breakout would likely attract more buyers, reinforcing the bullish trend and potentially driving the price to new highs.
Akash Network Token Technical Indicator Analysis
The 50-day and the 200-day EMAs on the daily chart traded in a death cross, while the token price advanced above the 50-day EMA. This exhibited volatility in the token price which might lead to uncertain moves in the future.
AKT/USD Chart by TradingView
The MACD and the signal line traded in a golden cross and were moving towards the bullish trajectory. This might lead the price to bullish momentum in the future if the rise continues.
The RSI further broke above the 50-level and sustained above the same by breaking above the 14-day SMA. The token price might take support at $0.540 and $1.820, followed by the resistance levels of $5.0 and $7.0.
Disclaimer
This article is for informational purposes only and does not provide any 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.
