AKT Price Analysis: Flag Breakout Run Targets $5.93

Published by

Sohrab Khawas

November 29, 2024

Akash Network is one of many top performers amid the broader market recovery. Crossing above the $4 barrier, the bullish trend aims to prolong the parabolic rally.

Will the new breakout rally reach the $5.93 target this December? Let’s find out in Coinpedia’s latest AKT price analysis.

Akash Network (AKT) Price Performance

In the daily chart, the AKT price action shows a second flag pattern, gaining momentum. With three consecutive bullish candles, the AKT price has surged from $3.61 to a peak of $4.38.

The triple white soldiers’ pattern accounts for a price jump of nearly 22%. Furthermore, it surpasses the long-standing resistance zone, extending from $4 to $4.12.

The intraday pullback of 2.59% comes as a potential retest of the bullish breakout. As the recovery rally has surpassed the 67.80% Fibonacci level, the uptrend continuation is more likely.

Technical Indicators:

Following the golden crossover, the 100-day and 200-day EMA are closing the gap for a new bullish crossover. Furthermore, the MACD and signal line maintain a positive alignment by avoiding a negative crossover possibility. Hence, the technical indicators are siding with the bullish team.

Will Akash Network Price Cross $5?

Based on the Fibonacci retracement tool, the upside price targets beyond the immediate $4.74 resistance level are $5.93 and $7.87. On the flip side, the crucial support remains at the $4 mark, followed by the $3.52.

Will Akash Network reach the $10 price target? Read our Akash Network (AKT) Price Prediction to find out!

FAQs

What triggered the recent AKT price surge?

A triple white soldiers pattern and a bullish breakout from the $4-$4.12 resistance zone.

What are the immediate support and resistance levels for AKT?

Support is at $4 and $3.52; resistance is at $4.74, and higher targets are at $5.93 and $7.87.

Do the technical indicators favor a bullish continuation for AKT?

Yes, indicators like the golden EMA crossover and MACD alignment support the uptrend.

Sohrab Khawas

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.