- Akash network’s integration into NVIDIA product Brev pushed the former’s trading volume by 573%.
AKT surged by 20.18% over the past seven days as well.
As a seasoned analyst with a knack for spotting trends in the cryptocurrency market, I find myself intrigued by the recent surge of Akash Network (AKT). The integration into NVIDIA’s product Brev has undeniably played a significant role, pushing its trading volume by an impressive 573%. Add to that the 20.18% increase over the past seven days, and it’s clear that AKT is making waves in the crypto world.
On August 23rd, all cryptocurrencies saw a significant surge in value. Since that day, the markets have been particularly volatile, as investors search for outside factors that could potentially trigger another upward trend.
Amidst this market fluctuation, Akash Network experienced a strong upward movement as well.
Everyone is curious about the factors driving the surge in value for the AI-focused cryptocurrency, as its price trend has become a topic of discussion.
Akash Network integrates into NVIDIA’s Brev
According to NVIDIA’s Director of Technology Development, Nader Khalil, AI firm NVIDIA has incorporated Akash into their latest product, named Brev. In simpler terms, Akash is now a part of NVIDIA’s new product called Brev.
Given that AKT is closely linked with NVIDIA’s offerings today, it stands to benefit significantly from the ongoing surge in Artificial Intelligence (AI) technology.
Similarly, Akash Network lies where artificial intelligence (AI) and blockchain technology intersect. It operates as a decentralized, blockchain-driven computing network.
Prevailing market sentiment
Apart from its integration with NVIDIA, AKT has gained considerable popularity in the market, as investors express optimistic views towards it. According to AMBCrypto’s examination of Market Prophit, this altcoin is receiving favorable market opinions.
At the moment of reporting, AKT showed a crowd sentiment of 0.059, a buzz score of 1.06, and a crowd Z score of 0.04. This indicates that at the time, investors appeared to be quite confident about the altcoin’s future trajectory.
What AKT’s price charts suggest
As an analyst, I’m observing a moderate price recovery for AKT. At this moment, the AI-focused altcoin is being traded at approximately $3.03. Over the past 24 hours, there’s been a significant surge of 11.8%. Moreover, the trading volume has seen a substantial increase, reaching approximately $55.5 million – that’s a jump of about 573.17% in just one day.
Before these surges, the value of crypto had been steadily rising over the last seven days, marking a 20.18% growth. Following a dip to $1.80 during the market crash on August 5th, AKT has seen a remarkable 68.33% increase in value since then.
Even though there’s been a rise lately, the altcoin’s prices are still significantly lower than their peak of $3.77 last month, representing a decrease of about 63.7%. They’re also well below their all-time high of $8.7.
In other words, we need to figure out whether these recent increases represent a lasting trend or just a temporary adjustment in the market.
Examining the Altcoin’s Directional Movement Index (DMI), the optimistic index stood at 35.75, surpassing the pessimistic index at 16.59. This implied that ATK was exhibiting robust upward momentum, as recent highs were dominating over lows.
The evidence supporting this trend became more evident as the Aroon line indicated, with Aroon Up currently standing at 92.86%, significantly higher than Aroon Down, which is now at 42.8%.
Looking further, AKT’s OI-Weighted Funding Rate has been positive for the last two weeks.
This indicates a higher interest in buying long positions, as investors are ready to spend more to secure these positions. This suggests a positive outlook or optimism in the market.
Additionally, the preference for long positions was bolstered by a favorable Funding Rate compiled by the trading platform, indicating investor optimism as the AKT price climbed and suggested a promising outlook ahead.
Read Akash Network’s [AKT] Price Prediction 2024–2025
After strengthening around $2.70, the value of Akash Network’s coin went beyond $3. Over the last few weeks, the $2.70 mark has shown significant importance as a supportive level.
Given the prevailing market trend, it’s possible that ATK could surpass its existing resistance at $3.4, aiming for the potential resistance at $3.8.
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2024-08-28 03:04