Akash Network: Is AKT ready for another 50% surge?

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    AKT witnessed a correction after its price surged significantly in the last few days.
    Sentiment around the token remained positive as development activity increased.

As a seasoned crypto investor and observer, I’ve witnessed firsthand the volatile nature of the digital asset market. And in the case of Akash Network’s [AKT] token, it’s no exception. In the past 24 hours, we’ve seen a significant correction after its price surged significantly due to getting listed on Upbit, the largest cryptocurrency exchange in South Korea.

Over the last 24 hours, the cost of Akash Network’s token, AKT, has experienced a substantial decrease. Akash Network is a decentralized cloud computing platform.

What goes up, must come down

I’ve noticed that following a significant price surge of more than 50%, this asset experienced a decrease in value. This shift occurred post-listing on Upbit, South Korea’s leading cryptocurrency exchange based on daily trading volume.

During this time frame, the cost reached a peak of $7. Yet, this increase proved to be fleeting. Currently, Akt is being exchanged for $4.82 per unit, marking a 5.05% decrease in value over the previous 24-hour period.

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In simpler terms, the Chaikin Money Flow indicator for AKT stood at a level of -0.04. This implies that there has been a noticeable decrease in the money flowing into AKT over the recent period.

Additionally, the Relative Strength Index (RSI) for Akt also dropped, suggesting a weaker buying momentum. However, despite the bearish outlook from Akt’s technical indicators, there are other potential factors that could support its price.

Over the past few days, one indication has emerged: the bullish flag pattern forming in AKT‘s price action. Should investor sentiment toward AKT revive in the near term, this cryptocurrency could potentially breach the $6.040 mark and aim for a future retest of $6.880.

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Another factor that could play a role in AKT’s rise would be its social media standing.

Over the past day, there was a substantial increase in social media chatter about AKT, suggesting a notable rise in comment activity surrounding this topic.

I’ve observed an uptick in the significance of opinions toward AKT. This increase suggests that recent positive remarks have surpassed negative ones in frequency over the past few days.

Read Akash Network[AKT]’s Price Prediction 2024-25

Consistent development

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As an outside observer or analyst, I’ve noticed an intriguing development in the Akash network. The pool of core developers actively contributing to its growth has significantly expanded. Additionally, the frequency of code commits has picked up pace, indicating a heightened level of activity and collaboration within the network.

The continuous advancements taking place within the network have the potential to expedite the rollout of new improvements and modifications for the protocol. Such progress could positively influence public perception towards the network, potentially impacting the token’s market value as well.

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2024-04-26 00:07