Why Is Akash Network (AKT) Crypto Pumping? Price Action Suggests Major Rally Ahead

Akash Network's native token AKT has caught the attention of traders. After a prolonged bearish trend, the digital asset appears to be poised for a potential

Akash Network’s native token, known as AKT, has recently caught the attention of traders due to its price action, which seems to be setting the stage for a potential major rally. Despite facing a prolonged bearish trend, traders are keeping a close watch on AKT’s movements.

After experiencing a significant downturn over the last 30 days, where the cryptocurrency saw its value drop by nearly 50%, recent market activity seems to be offering a glimmer of hope to investors.

Technical Analysis Summary

Yesterday’s trading session concluded on a bullish note for AKT, bringing optimism to the market. This positive price action has led many to speculate that a recovery phase may be just around the corner.

Observing AKT’s price chart closely reveals a crucial support level that the token has managed to hold. This level is particularly noteworthy as it coincides with a previous point of recovery. The last time AKT reached this support, it showed remarkable resilience and initiated a bullish reversal, leading to a rally of nearly 100%.

The repetition of this pattern at the current price point has raised expectations of a similar bullish scenario unfolding once again.

Adding to the bullish outlook, cryptocurrency analyst ChartMonkey has shared their analysis of AKT’s future price movement. According to their projections, “Akash holds strong above the support level and ascending trendline, signaling a bullish trend. Resistance at $6.26 is the next target for this trade.”

This projection aligns with the broader technical analysis of AKT’s price chart, further bolstering the case for a potential upward movement.

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As of the latest available data, AKT is trading at $3.46. Should ChartMonkey’s projection materialize and the token reaches the stated resistance level of $6.26, it would represent a substantial gain of approximately 82% from its current price.

The combination of strong support, historical patterns, and expert analysis points towards a potentially significant upside for the digital asset.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/akash-network-akt-crypto-pumping-price-action-suggests-major-rally-ahead.html

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