Akash Network is a blockchain-powered open-source, decentralized marketplace for cloud computing, offering unprecedented speed, efficiency, and affordability. Its native token AKT has been on a roll over the last five days, rallying 17.82% from the $0.60 psychological support to $1.04, levels last seen in April 2022.
With its 24-hour trading volume rising 82% to $6.1 million, investors continue to pour their funds into this peer-to-peer (P2P) token. A series of announcements from the team behind the project have sparked the latest interest in AKT.
For example, on August 9, Akash Network tweeted that “the funding proposal for Overclock Labs to acquire Cloudmos” was live and on-chain following “open discussions with the Akash community.”
This came after an earlier announcement about the #akashathon, scheduled for August 14, giving participants a chance to win “over $50,000 in $AKT prizes.”
Special thanks to @DoraHacks for providing their platform and support.
— Akash Network (@akashnet_) August 8, 2023
Moreover, in its latest report, Messari, a crypto research and data analytics firm, mentioned Akash Network among the top protocols to watch regarding crypto and AI. The Akash Network team was pleased with the mention, retweeting Messari’s post on X (formerly Twitter), saying, “Open-source infrastructure is key to unlocking the full potential of open-source AI.”
Open-source infrastructure is key to unlocking the full potential of open-source AI.
— Akash Network (@akashnet_) August 9, 2023
Many other positive fundamentals and social mentions appear to have set the AKT price on a sustained recovery.
Can Akash Network Bulls Sustain Ongoing Recovery?
The latest AKT rally saw the token’s price escape from a symmetrical triangle, confirming a bullish breakout. The altcoin reached a 14-month high above $1.04 on Thursday, but the long upper wick on the day’s candlestick suggested that the bears were aggressively defending the $1.0 psychological level.
If Akash Network bulls produce a daily candlestick above this level, they could push the price toward the intraday high at $1.0495. Above that, climbing to $1.11 and $1.15 would be the next logical move.
AKT/USD Daily Chart
Supporting this bullish narrative for AKT price was the fact that it traded in a fifth straight bullish session above all the major simple moving averages (SMAs). These SMAs, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicator were facing upwards. This suggested that the market conditions favored the upside.
The price strength at 81 suggested that there was still more room for further gains. The MACD also called to buy the crypto on August 7 when the 12-day Exponential Moving Average (EMA) crossed above the 26-day EMA. This bullish signal was still in play, implying that there were still more buyers than sellers.
On the downside, the RSI painted massively overbought conditions for the Akash Network token. As such, buyer exhaustion and profit-taking could see the AKT price turn down from the current level toward the $0.80 psychological level. Later, the altcoin may drop to revisit the 50-day SMA at $0.5977.
Market participants could expect Akash Network’s downside to be capped here. This would give the bulls time to regroup, buy more on the dip and make another attempt at recovery.
Meanwhile, several cryptos are waiting in the limelight that investors might be interested in. These are new cryptocurrencies in presale, such as yPredict (YPRED), with the potential to make 10x returns in 2023.
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Similarly, the project is gathering steam as it draws closer to its launch. The price of the yPredict native token, YPRED, remains discounted. However, it’s getting closer to the point where it’ll increase by 11%.
YPRED is currently auctioning for $0.1. This price is set to climb to $0.11 in the next stage of the presale, followed by a further increase to $0.12, marking the token’s readiness for listing on major exchanges.
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