With the low-cap altcoins market turning ballistic over the past few days, the AKT token price teases a massive jump ahead. As the recovery rally continues in the broader crypto market, the bullish turn in the Akash Network is a lucrative breakout entry opportunity.
Will this breakout rally make the AKT token the best-performing token this week? Is the AKT price headed to hit the $10 mark this month? Let’s find out now in our Akash Network price analysis.
With a bullish reversal from the $2.551 mark, after a 57% drop from $6, the AKT price is gaining trend momentum. As the altcoin is up by almost 52% within 14 days, the buyers are teasing a massive trend reversal and a moonshot move ahead.
With the buyers planning to end the correction phase, the AKT price challenges the lower high formation and the resistance trendline. The bullish reversal also teases a rounding bottom pattern.
Currently, the altcoin trades at $3.867 with an intraday rise of 4.72%, making third consecutive bullish candle in the daily chart. As the bullish recovery gains momentum, the market cap of Akash Network approaches the $1 Billion mark.
Technical indicators:
MACD: The bullish reversal in the AKT price results in a bullish crossover of the MACD and signal lines in the 4H chart. This reveals a significant surge in trend momentum, bolstering the upcycle.
EMA: The trend reversal from $2.551 results in an upside move in the 50 EMA in the 4H chart. This increases the golden crossover chances in the altcoin.
Currently, the upcycle in the AKT price challenges the 38.20% Fibonacci level at the $3.857 mark. A breakout rally of the overhead trendline can pump the altcoin price higher by 20% to reach the 61.80% Fibonacci level at $4.655 within days.
Optimistically, the bull run will spearhead the market price to top the $8 mark at the 1.618 Fibonacci level.
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