Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here’s Why

by

In the relatively tranquil altcoin market, Akash Network (AKT) has become today’s top gainer among the top 100 cryptocurrencies by market value, experiencing a substantial 46% price jump over the last 24 hours. This impressive growth moves AKT to the frontline, outpacing its competitors like Core (CORE) and Arweave (AR), which saw gains of 7% and 6%, respectively.

At present, AKT is priced at $6.03 on the markets. This price hike has boosted its market value to around $1.4 billion, making it the cryptocurrency with a market cap of the 68th largest size. Furthermore, there has been a remarkable surge in Akash Network’s trading volume, which currently stands at $116 million – a staggering 2,790% increase compared to previous levels.

Today, the price of AKT hit an record high of $6.84 on Kraken cryptocurrency exchange. However, it has now dropped slightly and is currently priced at around $6.03, which is lower than its previous highest point of $6.49.

Catalysts For The Akash Network Surge

It seems the main reason for today’s price surge is an announcement from Upbit, a significant South Korean cryptocurrency exchange. Upbit has disclosed that they will start trading AKT as of 10:00 UTC today, providing markets in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).

Investor excitement is growing even more as Santiment’s data reveals a remarkable 200% increase in social media chatter about Akash Network within the past day. The majority of this heightened activity can be found on popular platforms such as Reddit and Bitcointalk, significantly impacting AKT‘s market trend.

Future Price Trajectory

Moving forward, if AKT‘s price manages to reach and surpass its previous record high of $6.49 (achieved on March 11, 2024), the subsequent objective could be $7.46, which represents a 1.272 Fibonacci extension of the larger price trend. In the event of persistent buying power, an advance towards $8.64, denoted by the 1.618 Fibonacci extension, becomes a possibility. At this juncture, traders should be prepared for potential profit-taking.

If we surpass the current level, it could lead us to achievable goals of $10.92 (representing a 2.272 Fibonacci extension) and potentially reaching as high as $12.13 (a 2.618 Fibonacci projection). This assumes the bullish trend in the larger crypto market continues.

If AKT doesn’t maintain its recent gains and falls below $6.48, there is a possibility of a correction towards the $5.74 area (which represents a 0.786 Fibonacci retracement). This decline might offer attractive purchasing chances. A more significant drop could lead to retesting the $5.16 (representing a 0.618 Fibonacci retracement) and $4.75 (symbolizing a 0.5 Fibonacci retracement) support levels.

The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the US Fed’s favorite inflation gauge, the Personal Consumption Expenditures Price Index (PCE) is set for release on Friday, April 26, or other macroeconomic factors.

Despite this, the 200-day moving average of AKT, which is presently at $3.24, holds significant importance as a major line of defense in the long term.

Read More

2024-04-23 15:04