What’s Ahead for Akash Network (AKT) Price After a 55% Surge Today?
Highlights
- Akash Network's $AKT listing on Upbit triggers the recent price jump, expanding its trading options, and increasing exposure among investors.
- The overhead supply at $6.5 may promote consolidation in AKT price before the next breakout.
- The intraday trading volume in Akash Network is $142.2 Billion, indicating a 3197% gain.
Akash Network Price Today: On Tuesday, the native token of Akash Network, AKT, emerged as the highest gainer among top cryptocurrencies, registering a gain of 55%. This sudden inflow is likely attributed to the listing With the completion of the Fourth Bitcoin Halving, the crypto market enters a fresh relief rally bolstering the recovery momentum of the altcoin market.
Also Read: 4 Small-Cap Altcoins To Buy For 50X Potential Post Bitcoin Halving Parabolic Rally
Is AKT Price Ready to Surpass $6.5 High?
Amid the fourth Bitcoin halving, the Akash Network token showcased its sustainability above the $3 psychological level. This support coinciding with the 50% Fibonacci retracement level created a high area of interest (AOI) for buyers to regain strength.
A recent reversal from the aforementioned support has propelled the asset 68% high to currently trade at the $5.95 mark. The major portion of this growth was recorded today as AKT has expanded its accessibility to investors and traders through its new listing on Upbit Global, the largest exchange in South Korea.
The token is available in trading pairs with the South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). This listing is likely to increase the liquidity of $AKT, offering traders various currency options for transactions.
According to CoinMarketCap, Akash Network is ranked as the 69th largest cryptocurrency with a market capitalization of $1.33 billion.
However, the AKT price witnessed overhead supply at $6.5 resistance evidenced by the long-wick rejection in a daily candle. This reversal could allow the altcoin price to retest $5 support and showcase its sustainability for higher levels.
Thus, the AKT price may consolidate above the $5 market for the coming days offering sidelined buyers an opportunity to accumulate. If the bullish momentum persists, the buyers may breach the $6.5 resistance signaling the continuation of the prevailing rally.
Technical Indicator
- Exponential Moving Average: The coin correction rebounded from the 200-day EMA highlights the overall trend remains bullish.
- Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) accumulates the return of recovery sentiment in this asset.
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