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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 08, 2024 07:01 UTC
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AKT Price Drops 10% Within Triangle Delays End of Correction
AKT price action shows a triangle pattern in the 1D chart.
The AKT price reverts from the overhead resistance trendline.
The ongoing reversal in AKT price warns of a drop to $4.
Amidst the falling prices of top cryptocurrencies, the AKT price trend follows a similar path. As it crashes under a price pattern, the bearish dominance warns of a downtrend continuation.
Is a broader market recovery possible this week with Bitcoin reversing from the $62,300 support zone? Will the AKT price sustain an upside run and give a bullish breakout? Let’s find out now in our Akash Network price analysis.
Akash Network Price Performance
With a lower high formation in the daily chart, the AKT price action shows a resistance trendline at play. The Akash network token shows a bearish flow in action but maintains a 17% growth in the last 7 days. With a billion-dollar market cap, the altcoin trading volume drops by 56%.
With a long-coming support trendline in action, the AKT price action shows a triangle pattern in the 1D chart. Further, the recent downfall from the resistance trendline marks a streak of three bearish candles.
Currently, the altcoin trades at $4.42 with an intraday drop of 4.13%, reflecting a surge in supply pressure. During this correction, the AKT price warns of a drop to the support trendline close to the $4 mark.
Technical indicators:
MACD: The MACD and signal lines are intermingled close to the zero line as the volatility is on the rise.
RSI: The daily RSI slope shows a bullish divergence in the last two dips at the support trendline.
Will AKT Price Give A Bullish Break?
If Bitcoin sustains the $62,000 mark for a reversal to higher levels, the altcoins sector could bounce back in May. In such a case, the AKT price trend might capitalize on the additional bullish momentum from the broader market. In such a case, the breakout rally in Akash Network could reach the $7.5 mark. Conversely, a drop under $4 will test the $3.44 support zone.
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