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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 16, 2024 07:29 UTC
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Will AKT Price Hit $10 With This Post-Retest Rally?
Amidst the broader market recovery, the Akash Network token shows an immense increase in demand. With this turnaround, the AKT price action shows a post-retest reversal in action that may shortly lead to a new peak formation.
Will the broader market drive a surge in this altcoin for a new all-time high formation? Let’s find out now in our Akash Network price analysis.
Akash Network Price Performance
With a 64% rise in the last 30 days, Akast Network, with a market cap of $1.39 Billion, is on a bull run. As the AKT price approaches the $6 mark, the uptrend gains momentum. The increasing momentum and the 150% surge in trading volume make this altcoin a lucrative choice.
In the 1D chart, the AKT price shows a 14% jump in the last 24 hours. This marks a bullish reversal from the broken trendline, reflecting a post-retest reversal of a triangle pattern.
Currently, the altcoin trades at $5.80 with an intraday rise of 4.23%, making a second bullish candle. With the growing demand for Akash Network and the overall market recovery, the AKT price could soon surge beyond $6.
Technical indicators:
DMI: The VI lines maintain a bullish alignment, and the ADX line sustains a positive flow. Hence, the indicator supports the ongoing uptrend in the AKT price trend.
RSI: The daily RSI slope shows a higher high formation approaching the overbought boundary.
Will AKT Price Reach $10?
The altcoins sector could skyrocket this month if Bitcoin sustains the $65,000 mark for a run to $70,000. In such a case, the AKT price trend could surpass the $6 mark for an extended upside movement. Optimistically, an extended breakout run in Akash Network could reach the $7.5 mark. Conversely, a drop under the $5.5 critical support will test the $4.67 mark.
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