Advertise
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.
- Nov 18, 2024 12:48 UTC
-
Will AKT Price Break $6.85 and Hit a New 52-Week High at $8.31?
AKT has surged 50% in a week, breaking out of a falling wedge pattern and exceeding the 50% Fibonacci level at $3.60.
The current 22.73% intraday rally forms a bullish engulfing candle, with targets set at $6.19 and a potential new 52-week high above $6.85.
Positive MACD histograms and a potential golden crossover between the 50-day and 200-day EMA support the bullish momentum, targeting $8.31 and $12.09.
Entering the list of top 100 crypto, AKT Akash Network is inching closer to a billion-dollar market cap. Currently, it is trading at $4 with a market cap of $994 million.
As the altcoin has surged nearly 50% over the last 7 days, the bull run in Akash Network aims to reach a new 52-week high. So, let’s find out the potential price targets for the AKT price trend in 2024.
Akash Network (AKT) Price Performance
In the daily chart, the AKT price action shows a falling wedge breakout. With a quick reversal from the $2 psychological mark, the bullish trend has now given a 100% return.
Currently, the bull run has exceeded about the 50% Fibonacci level at $3.60 and the 200-day exponential moving average line. The bullish cross above the dynamic average line increases the possibility of a golden crossover between the 200-day EMA and the 50-day EMA.
Currently, the intraday candle shows a 22.73% surge, creating a massive bullish engulfing candle.
Technical Indicators:
MACD: The Akash Network price trend starts the third positive week with increased chances of a bull run ahead. The surge in buying pressure has led to a positive crossover in the MACD indicator.
Will Akash Network Price Hit $250?
As the trendline breakout rally gains momentum, the uptrend is likely to reach the $6.19 mark, which increases the possibility of a new 52-week high above $6.85.
Based on the Fibonacci levels and upside beyond this, the price targets are $8.31 and $12.09. Furthermore, supporting the uptrend, the MACD and signal line maintain a positive trend as the bullish histograms resurface.
Curious about Akash Network’s future? Read our Akash Network (AKT) Price Prediction for an overview of long-term targets!
FAQs
Strong buying momentum, technical breakout patterns, and increased adoption of Akash Network’s ecosystem are driving the bullish trend.
If Akash Network breaks the $250 level, Fibonacci projections suggest potential targets at $600 and $1850.
Yes, minor retests of breakout levels like $250 are possible, offering opportunities for consolidation before further surges.
Yes 
No 
