Bullish Flag Breakout: Will AKT Price Trigger a New All-Time High?

Published by

Sohrab Khawas

November 26, 2024

Despite the border market witnessing a 500 million liquidation in the past 24 hours, the AKT price trend maintains a bullish approach. Over the past 24 hours, the Akash Network token price has maintained a bullish trend and has increased by 3.34%.

As the price action teaches an uptrend continuation, will a breakout rally result in a surge to a new all-time high? Let’s find out.

Akash Network (AKT) Price Performance

In the daily chart, the AKT price action showcases a falling wedge breakout rally gaining momentum. Following the wedge breakout, the Akash Network token price maintains the upside movement with a bullish flag breakout and is currently forming a second consecutive bullish pattern.

The recovery bull run in the AKT price has increased by 86.85% from $2.11 to the current market price of $3.95. It has surpassed the 50% Fibonacci level at $3.52.

The bullish flag pattern is currently challenging the 61.80% Fibonacci level priced at $3.9851. This coincides with a resistance zone near the $4.00 psychological mark. Hence, the Akash Network token price must surpass the resistance zone to prolong the ongoing rally.

Technical Indicators:

EMA: The increased bullish influence has resulted in a merger of the 50-day and 200-day EMA lines. This teases a golden crossover.

MACD: The minor consolidation has resulted in a merger of the MACD and signal lines, a warning of a bearish crossover.

Will Akash Network (AKT) Price Hit $7.87?

Currently, the AKT price forms a bullish engulfing candle to complete a morning star pattern. This increases the chances of an uptrend continuation with a flag breakout.

Based on the Fibonacci levels, the bullish trend continuation in AKT price will likely face challenges at $4.74 and $5.93. Beyond this, the price targets are at $7.87, which will result in a new all-time high for Akash Network.

Hence, with a massive upside of nearly 100%, the AKT price is on the verge of a moonshot rally. Conversely, a downtrend bullish failure will likely detest the $3.5239.

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

FAQs

What is driving the bullish trend in AKT price?

A falling wedge breakout, a bullish flag pattern, and the potential golden crossover of 50-day and 200-day EMAs fuel the bullish trend.

What are the key resistance levels for the Akash Network rally?

Key immediate resistance levels are $4.00, $4.74, and $5.93.

What could invalidate the current AKT price uptrend?

A bearish crossover in MACD or a breakdown below the $3.5239 Fibonacci level could invalidate the bullish momentum.

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.