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Will the Akash Network (AKT) price reach a new 52-week high as the bull run records a 103% rise in 16 days?
In the daily chart, AKT‘s price action shows a bullish reversal, breaking multiple resistance levels. As the trend momentum grows, the uptrend has crossed the $4 psychological mark and aims for a new 52-week high. Will this bullish recovery manage to surpass the $6.82 mark in 2024? Let’s find out.
Akash Network (AKT) Price Analysis
The ongoing recovery run started from the $2.07 low and is currently trading at $4.2037. Notably, the token has seen an intraday gain of 10.92%. The ongoing bull run accounts for a massive gain of 103% over the last 16 days from $2.07 to $4.2613.
The recovery rally has surpassed the 61.80% Fibonacci level at $4.09, revealing a massive bullish influence on the daily chart.
The 50-day and 100-day EMAs are poised to give a bullish crossover. Furthermore, the MACD and signal line have surged significantly, intensifying the bullish histograms. Hence, the technical indicators cement a credible bullish trend with no divergences.
As the bullish trend breaks a long-coming resistance trend line, the reversal rally in AKT price is now aiming for a new 52-week high. AKT’s price is approximately 38% below its 52-week high of $6.82, indicating room for growth in the ongoing recovery.
Will the AKT Token Price Cross $8?
As one of the rising performers in the bull market, Akash Network’s token has yet to list on the Binance exchange. The AKT-USD pair listing on Binance will likely bring more liquidity into the system, with increased demands projecting its price potentially higher than its current all-time high of $8.04.
Using the Fibonacci retracement tool, the immediate resistance levels for the altcoin are $4.90 and $6.19. However, if the bull run exceeds the current all-time high, the price targets will be shifted to $8.315 and $12.09.
Hence, the AKT price analysis reveals an upside potential of nearly 200% for the Akash Network token. On the other hand, the crucial supports for the AKT price are present at $4.09 and $3.60.