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Over the course of a single year, Akash (AKT) – a seemingly unheard of altcoin – exhibited a surprising surge, with its value skyrocketing by over 1,400%, showcasing remarkable resilience and strength in the market. This strong performance not only underscores the asset’s robustness but also positions it as a notable player in the cryptocurrency landscape.
Akash Network’s Remarkable Recovery Surge
When the price of the Akash Network (AKT) token recovered from the $0.75 level in mid-October 2023, it began an aggressive recovery pattern within the general tone of the market. The coin has increased by around 322% in the last three months alone.
At the time of writing, AKT was trading at $3.11, up nearly 8% in the last 24 hours. Notably, the coin has tallied an impressive 40.4% increase in value in the last seven days, data from Coingecko shows.
AKT seven-day price action. Source: Coingecko
Operating on the Cosmos blockchain, Akash Network is an open-source, decentralized cloud computing platform that offers a unique take on cloud services.
This cutting-edge network increases price-performance and scalability for decentralized applications and organizations by facilitating the deployment of any cloud-native application.
Utilizing the Cosmos SDK, a layer 1 protocol underpins the Akash platform. By using a Proof-of-Stake consensus process and a network of decentralized validators, it maintains network integrity.
AKT currently trading at $3.11794079. Chart: TradingView.com
These validators, who get commission payments in AKT, the native token of the network, are essential to the process of adding new blocks to the blockchain. By staking their tokens, AKT holders—also referred to as delegators—further enhance the Akash chain’s security.
Coinciding with the apparent divergence of opinion on the legitimacy of spot Bitcoin ETFs, AKT has recently experienced a jump in price. Dennis M. Kelleher, CEO of Better Markets, recently asked the US SEC to turn down all ETF proposals.
Potential fraud and manipulation are Kelleher’s main concerns, and she emphasizes that the SEC is in charge of averting significant harm to investors.
Akash (AKT) Price Analysis
The chart (below) shows the price of Akash Network (AKT) over a 4-hour period. The price has been in a downtrend since October, but it appears to be forming a bullish flag pattern.
A bullish flag is a continuation pattern that occurs after a strong uptrend. The price consolidates within a narrow range for a period of time, before breaking out above the upper trendline of the flag.
The breakout on January 3rd suggests that the bulls are back in control and that the uptrend is likely to resume. The upper Bollinger Band is also rising, which is another indication of bullish momentum.
Akash Network coin price| TradingView chart
If the uptrend continues, the price could reach a target of $3.60, which is a 16.86% increase from the current price. However, it is important to note that there is no guarantee that the price will reach this target.
The price could also break down below the lower trendline of the flag, which would signal that the downtrend is resuming.
Overall, the chart looks bullish, but it is important to be aware of the risks involved in trading any cryptocurrency.
Here are some additional things to keep in mind:
- The price of AKT is still well below its all-time high of $8.20, which it reached in April 2021.
- The cryptocurrency market is very volatile, so it is important to be prepared for sudden price swings.
Featured image from Shutterstock