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Over the past year, AKT price displayed a strong bullish trend in the larger timeframe analysis, displaying a consistent uptrend. Additionally, the recent week’s bullish momentum was evident, with Akash Network’s integration into NVIDIA’s latest product, Brev.
Akash is sponsoring Korea Blockchain Week 2024 in Seoul from September 1-7th.
— Akash Network (@akashnet_) August 29, 2024
Akash will have a booth in the main venue on September 3rd and 4th.
Connect with the core team and community in person, and check out the full event schedule below.#KBW2024 pic.twitter.com/W0UQ7GXEkg
This integration has enhanced Akash’s visibility. As a result, in the upcoming Web3 event in Seoul, it has become a silver partner in sponsoring the Korean event.
This news attracted investors and crypto enthusiasts alike, as the crypto’s consistent positive movement drove up the price. If it unfolds well, AKT could attract further investment, increasing its price and ecosystem growth.
AKT PriceAKT Token Daily Price Chart | Source: Tradingview
Thereon, AKT price experienced profit booking from its elevated levels, leading to a decline towards the $1.80 mark. However, the price has found support at this level, forming a higher high swing, which often signals a potential reversal.
Sam_TCR
Should AKT break above the $4.00 level and close above it on the daily chart, it could signal the beginning of another surge. Such a breakout would potentially attract more buyers, reinforcing the bullish trend and potentially driving the AKT to new highs.
Earlier this year, AKT peaked at the beginning of 2024 before experiencing a significant drop. However, the recent formation of support near a notable buying zone suggests a potential rebound, where an earlier boost was witnessed.
Similarly, a trader @crypto Rand has shared his optimistic views via a tweet on X. According to him, the AKT has in a really good setup formation from key horizontal support.
$AKT breaching up the local downtrend after bouncing, over the key horizontal support…really good looking setup:
— Crypto Rand (@crypto_rand) August 30, 2024
If you missed the AMA with #AkashNetwork in my Discord, you can still check it out at: https://t.co/N3WuQcWWkm pic.twitter.com/pS3utRd2Oq
AKT Indicators Outlook & Future Forecast
On the daily chart, the 50-day and 200-day EMAs (Exponential Moving Averages) have traded in what is known as a death cross, while the token price advanced above the 50-day EMA. This indicates volatility in the AKT price, which might suggest that uncertainty lay ahead.
At the time of writing, AKT was trading at $2.69, ranking 87th with a market cap of $668.93 Million.
The MACD and the signal line traded in a golden cross with a histogram at 0.0314 and were headed toward the bullish trajectory. This might lead the AKT price to bullish momentum in the future if the increase continues. Likewise, the RSI was at 48.73 and sustained above the 14-day SMA.
Therefore, based on price structure, the support lies at $0.541 and $1.821, followed by the resistance levels of $5.01 and $7.01, respectively.
Social Dominance on the Rise
Apart from the latest news and developments favoring AKT’s growth this week, social dominance has also increased. The indicator highlights the increasing acceptance and talks about AKT among the users.
This factor might have an increasingly optimistic impact on AKT price, as increased participation may create more volume and demand. This can help the AKT crypto price to advance ahead.