Amidst the broader market recovery, the Akash Network token shows an immense increase in demand. With this turnaround, the AKT price action shows a post-retest reversal in action that may shortly lead to a new peak formation.
Will the broader market drive a surge in this altcoin for a new all-time high formation? Let’s find out now in our Akash Network price analysis.
Akash Network Price Performance
With a 64% rise in the last 30 days, Akast Network, with a market cap of $1.39 Billion, is on a bull run. As the AKT price approaches the $6 mark, the uptrend gains momentum. The increasing momentum and the 150% surge in trading volume make this altcoin a lucrative choice.
Tradingview
In the 1D chart, the AKT price shows a 14% jump in the last 24 hours. This marks a bullish reversal from the broken trendline, reflecting a post-retest reversal of a triangle pattern.
Currently, the altcoin trades at $5.80 with an intraday rise of 4.23%, making a second bullish candle. With the growing demand for Akash Network and the overall market recovery, the AKT price could soon surge beyond $6.
Technical indicators:
DMI: The VI lines maintain a bullish alignment, and the ADX line sustains a positive flow. Hence, the indicator supports the ongoing uptrend in the AKT price trend.
RSI: The daily RSI slope shows a higher high formation approaching the overbought boundary.
Will AKT Price Reach $10?
The altcoins sector could skyrocket this month if Bitcoin sustains the $65,000 mark for a run to $70,000. In such a case, the AKT price trend could surpass the $6 mark for an extended upside movement. Optimistically, an extended breakout run in Akash Network could reach the $7.5 mark. Conversely, a drop under the $5.5 critical support will test the $4.67 mark.
