- In the past 10 days, the Akash Network price has dropped by 30%.
- The AKT price has shaped a falling wedge pattern and reached a crucial breakout level.
On a broader time frame, the Akash Network (AKT) price recovered from the strong consolidation phase in Q1 2023. It witnessed strong buying pressure and surged by 1800% in a year.
The bullish trend was interrupted near the $6 hurdle and displayed profit booking. Moreover, the buyers attempted twice to smash the last swing high but couldn’t.
Since May, the Akash Network price has declined due to resistance from a descending trendline. The crypto asset price traded below the key moving average, showcasing the bearish forecast.
Could the AKT Price Bounce Back?
$1M (@$100kToMillion) has tweeted that he has loaded his portfolio with the AKT crypto. Based on his analysis, the price is expected to gain bullish momentum further.
Loaded more Akash to my portfolio:
— $1M (@100kToMillion) September 4, 2024
⊹ 111 $AKT / @akashnet_ for $244 pic.twitter.com/yi0wzN4xGj
The AKT price has reached double-bottom territory, and the RSI has shown bullish divergence, which is a bullish sign.
Akash Network Price has formed a falling wedge pattern
The Akash Network price has shaped a falling wedge pattern on a daily time frame. It was consolidating in the breakout zone.
In the last week of August, buyers attempted to overcome the trendline but failed to do so and showed price rejection. It is heading toward the support level of $2, and buyers may show interest.
Buyers may show interest if the AKT crypto price gains bullish momentum on the $2 mark. The breakout chances might increase if the price exceeds the 20-day EMA. Suppose the buyers show their involvement, and then a breakout can be seen.
Buyers may lead the trend further if the digital asset price smashes the 200-day EMA. Conversely, if the trading volume increases at the time of the breakout, then the momentum may be boosted.
On the other hand, if the AKT token price remains below the key moving averages, it might trigger a breakdown. The breakdown from the falling wedge pattern may result in profit booking, leading to strong selling pressure.
Turning to the technical indicators, the RSI has triggered a bearish crossover with the RSI-based moving average. MACD has generated a death crossover with the Signal and remains in the negative territory. The histograms have flipped to red, which showcases the bearish forecast.
Akash Network Price Analysis and Forecast Based on Technical Analysis
Akash Network price has experienced a significant correction phase, dropping by 30% in the past 10 days. It has formed a falling wedge pattern and reached a crucial breakout level.
The token has faced resistance from a descending trendline and is trading below the key moving average. However, there are indications of a potential rebound.
Bullish signs include double-bottom territory, bullish divergence in the RSI, and the formation of a falling wedge pattern. Key levels to watch include the $2 mark, the 20-day EMA, and the 200-day EMA.
Technical indicators like the RSI, MACD, and trading volume will be critical in determining the future price movement of AKT.
Technical Levels Based on Support and Resistance
The bullish trend in the AKT crypto may interrupt near the $3.00 and $3.80 levels. The price may take support at the $2.00 and $1.60 mark.
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.
