Akash Network (AKT) Surges 20%: What’s Next?

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Akash Network (AKT) saw a significant price surge of 20% in the last day, reaching $5.66, propelled by robust Q1 performance. The platform reported revenue of $140K, driving analysts to set ambitious price targets up to 100%.

Additionally, AKT broke through the crucial resistance level of $5.0. The token’s market cap now stands at $1.336 trillion, with a notable daily trading volume increase of 350% to $232 million.

Akash Network Reports Strong Q1 Revenue Growth

The team behind Akash Network recently announced significant quarterly revenue growth, revealing that the platform generated over $140k in revenue during Q1 2024. This impressive growth is attributed to increasing interest in DePIN and rising demand from developers, resulting in higher usage of the AKT token.

Praetor App Simplifies Provider Setup

On May 8, the Akash Network team introduced Praetor, a user-friendly platform designed to streamline the process of setting up a provider on Akash. Praetor App offers a simplified user interface, making it easier for individuals to become cloud providers on the Akash Network without the need for Command-line Interface usage. Since merging with Overclock Labs in April, efforts to open-source Praetor are well underway.

The team also shared insights into the product strategy of the Praetor App, also known as the Akash Provider Console, on GitHub. According to the post, the Overclock and Praetor teams have collaborated closely to synchronize their product strategy and roadmap, ensuring a cohesive approach to the development and enhancement of the platform.

Bullish Momentum for Akash Network (AKT)

Akash Network (AKT) has experienced a notable surge of 15.63% in the last 24 hours, reaching a current trading price of $5.64. The token’s upward movement has seen it surpass a diagonal trendline on the 4-hour timeframe, with efforts to maintain the previous week’s high of $5.095 as a support level.

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Akash-Network-AKT-Trendline – Source: TradingView

According to analysis by TraderAAG, if AKT falls below the $5.095 support level, there could be an opportunity for a retest of the trendline. This scenario presents a potential opportunity for traders to increase their positions in anticipation of a bullish reversal.

Trader Andrew Griffiths has identified a cup and handle formation for AKT, indicating a bullish outlook. This formation suggests an upward target range between $7.9 to $12.1, potentially signaling further price appreciation for Akash Network in the near term.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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