The price of Akash Network’s native cryptocurrency, AKT, soared by 45% in the last 24 hours, reaching $6 as of 4 a.m. EST. This surge was accompanied by a remarkable increase in trading volume, which rose by 2,043% to $84.9 million.
Initially, AKT surged by over 50% to $6.8. Notably, during this upward movement, the token successfully transformed its significant historical resistance level at $6 into a robust support level. Currently, this support level is preventing AKT from undergoing a correction.
Akash Network Price Surges Ahead of Akash Accelerate ‘24 Summit
The recent surge in Akash Network’s price follows the announcement of Akash Accelerate ‘24, the project’s inaugural full-day summit. Scheduled for May 28 in Austin, Texas, the event aims to unite the community with a diverse agenda featuring presentations and panels from leading figures in the Decentralized AI sector.
Get ready for Akash Accelerate '24.
This will be the first full-day Akash summit, bringing the entire community together for a packed agenda of presentations and panels from the brightest minds in the Decentralized AI space.
When: May 28th, 2024 (before @consensus2024)
Where:… pic.twitter.com/Uu05PYlgxu— Akash Network (@akashnet_) April 22, 2024
Beyond the upcoming summit, Akash Network has been bustling with activity in recent weeks. On March 18, the project made headlines by revealing that its native cryptocurrency, AKT, would commence trading on Coinbase.
Furthermore, just last week, Akash witnessed a significant milestone with the deployment of Llama 3 70B on its network. This deployment marked the introduction of what Akash describes as “the most capable openly available AI model” to its platform.
Akash Network Price Surge Sparks Uncertainty Amid Rapid Correction
The sudden price surge of Akash Network’s token, AKT, caught many by surprise as it soared from $4.0082 to $6.8203 in less than 30 minutes. However, this rapid ascent led to a subsequent correction, bringing AKT to a support level at $6. Traders are now closely monitoring technical indicators for insights into the token’s next moves.
One such indicator is the Relative Strength Index (RSI), which soared to 97.77, signaling deep overbought conditions—a rarity in the crypto industry. Currently, the RSI has retreated to 72.95, suggesting profit-taking among traders.
Akash-Network-Price-Prediction: Source – TradingVie
Meanwhile, the project’s Bollinger Bands remain notably wide, typically seen as a bullish sign. However, these bands may begin to narrow in the hours ahead.
Given the sharp surge followed by a swift correction, there’s a possibility that the AKT price could break its $6 support level, potentially dropping to $5 or even returning to its initial price of $4.
However, some traders may view this correction as a buying opportunity, potentially supporting the price above $6 or even driving it higher.
Amidst this uncertainty, caution is advised for those considering involvement with AKT. Extensive research and careful analysis are essential before making any investment decisions in this altcoin.
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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