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The broader crypto market took a rebound and managed to snap off the losses in the last couple of weeks. Conversely, the Akash Network token price has struggled to keep a firm footing in recent months.
The AKT price has been in a correction phase since mid-May 2024 after suffering from $6 levels. The AKT/USD price action highlighted a major double top pattern formation, triggering a selloff and leading to a 52% decline from the highs.
Despite the price correction, few analysts have turned hopeful for August as a few on-chain metrics have started to improve. As per the analysts, these on-chain metrics indicate a possible recovery.
Social Metrics Highlight a Positive Shift.
Akash Network has underperformed the broader crypto market in the short term, cumulating a loss of nearly 8% in a week and over 19.8% in a month. Though the price has not hit any fresh lows in the past two months, the absence of bulls in the market highlighted the formation of a sideways trend in the market.
However, few analysts looked hopeful for Akash Network in August due to a positive development in on-chain metrics, including social dominance and social volume. The social dominance and volume curve have headed higher, suggesting an improvement.
Social dominance and social volume data encompass Twitter news, follower counts, and active users on platforms like Telegram and Twitter (X). This data reflects how much the community discusses, values, and seeks the crypto, indicating its popularity, activity, and demand among users.
Akash Network Price Forecast: Will There Be Better Days in August?
The price action analysis indicated a prevailing correction for the last three months. Moreover, a falling wedge pattern was observed on the daily chart with two converging declining trendlines.
When writing, the Akash Network price seemed to struggle with a current price range between $2.86 and $3.64. It traded nearly 20% below the 200 days Exponential moving average, showing that bears were in control.
On the higher side, the overhead trendline was the most challenging zone for the buyers. Now, if the bulls can surpass the trendline resistance, it may validate a bullish breakout, marking an end to the correction phase.
On the contrary, a break below $2.65 may invalidate any bullish scenario, and the price may then head for a fresh low toward the $2.5 level and $2 levels.
How Will the AKT Price Perform in the Near Future?
Akash Network has seen short-term losses of nearly 8% weekly and over 19.8% monthly, suggesting a correction phase. Despite this, analysts are optimistic for August, citing improvements in on-chain metrics like social dominance and volume.
The AKT price hovered in a range formed between $2.86 and $3.64 and was 20% below the 200-day EMA at press time. It showed bearish control. A bullish breakout could occur if the price surpasses the overhead trendline, while a drop below $2.65 could lead to new lows.