Will the Akash Network (AKT) price reach a new 52-week high as the bull run records a 103% rise in 16 days?
In the daily chart, AKT‘s price action shows a bullish reversal, breaking multiple resistance levels. As the trend momentum grows, the uptrend has crossed the $4 psychological mark and aims for a new 52-week high. Will this bullish recovery manage to surpass the $6.82 mark in 2024? Let’s find out.
Akash Network (AKT) Price Analysis
The ongoing recovery run started from the $2.07 low and is currently trading at $4.2037. Notably, the token has seen an intraday gain of 10.92%. The ongoing bull run accounts for a massive gain of 103% over the last 16 days from $2.07 to $4.2613.
The recovery rally has surpassed the 61.80% Fibonacci level at $4.09, revealing a massive bullish influence on the daily chart.
The 50-day and 100-day EMAs are poised to give a bullish crossover. Furthermore, the MACD and signal line have surged significantly, intensifying the bullish histograms. Hence, the technical indicators cement a credible bullish trend with no divergences.
As the bullish trend breaks a long-coming resistance trend line, the reversal rally in AKT price is now aiming for a new 52-week high. AKT’s price is approximately 38% below its 52-week high of $6.82, indicating room for growth in the ongoing recovery.
Will the AKT Token Price Cross $8?
As one of the rising performers in the bull market, Akash Network’s token has yet to list on the Binance exchange. The AKT-USD pair listing on Binance will likely bring more liquidity into the system, with increased demands projecting its price potentially higher than its current all-time high of $8.04.
Using the Fibonacci retracement tool, the immediate resistance levels for the altcoin are $4.90 and $6.19. However, if the bull run exceeds the current all-time high, the price targets will be shifted to $8.315 and $12.09.
Hence, the AKT price analysis reveals an upside potential of nearly 200% for the Akash Network token. On the other hand, the crucial supports for the AKT price are present at $4.09 and $3.60.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
