As buyers gain momentum, altcoins like AKT are making a comeback with a massive overnight price jump of 25%. With this sharp jump, the Akash Network token shows a positive trend and projects a potential surge to double digits.
The broader market recovery and the highly anticipated altcoin season post-halving could fuel the bull run in Akash. With immense potential for massive returns, let’s find out if the AKT token price will continue its rally.
Despite the recent drop under the long-coming support trendline, the AKT price sustains dominance above the 200D EMA. As the altcoin price action reflects an underthrow to resurface above the trendline, it witnesses a boost in bullish momentum.
With an additional boost, the AKT price forms a massive bullish engulfing candle of 25% and reclaims the $5 mark. Starting a new positive cycle in the uptrend, the Akash Network token continues to maintain an uptrend.
Currently, the altcoin trades at $5.1022 with a minimal intraday move, reflecting an exhaustion post-surge. Nevertheless, the sharp increase overnight sets a bullish tone in the daily chart.
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Technical indicators:
EMA: As the AKT price exceeds 50D EMA, the looming threat of a death cross fades away.
MACD: The bullish crossover in the MACD and signal lines experience increased momentum. Hence, the MACD indicator supports the possibility of a bull run in Akash Network.
Considering the bull run sustains the newfound momentum, the AKT price might witness a new all-time high formation. However, the buyers must overcome the 50% trend-based Fibonacci level at $6, a prominent resistance level.
In case of a bullish break, the uptrend could hit the $8.65 mark before ascending to the $10 psychological milestone. On the flip side, a reversal could retest the bullish integrity of the support trendline.
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