Akash Network (AKT) Price Surges on Binance Futures Listing — Halfway to All-Time High
Can AKT Reach a New All-Time High? | Credit: Hameem Sarwar
Key Takeaways
- Akash Network (AKT) reached a 259-day resistance trend line.
- The price is likely in the fifth and final wave of its long-term increase.
- How long will this increase continue and lead to a new all-time high?
The AKT price has increased nearly 75% since the start of November. The upward movement accelerated on Nov. 18 after Binance listed AKT on its futures platform.
While the AKT price reached a high of $4.69 today, it failed to break out from a 259-day-old long-term descending resistance trend line.
Let’s analyze the price action in different time frames and determine if the next attempt will be successful.
AKT Reaches Resistance
The weekly time frame AKT chart shows that the price is creating three consecutive bullish weekly candlesticks, reaching a 259-day descending resistance trend line that has existed since the all-time high.
The upward movement started after AKT created a double-bottom pattern between July and November.
This is the fifth time (black icons) the price has reached the trend line. Because of the frequent touches, an eventual breakout is likely. If AKT breaks out, the final resistance area will be at $6, created by the all-time high region.
During this increase, AKT also cleared the $3.70 horizontal area, which has existed as support and resistance since February.
Technical indicators support the increase, predicting a breakout from the resistance trend line. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences while the price formed its double bottom, legitimizing the bullish pattern.
Afterward, the RSI moved above 50 while the MACD made a bullish cross. The previous time the RSI crossed above 50 catalyzed the upward movement that led to the all-time high price.
AKT Binance Futures
The AKT price increase accelerated yesterday after Binance announced it would list AKT in its perpetual futures contracts with up to 75x leverage. The same day, Akash Network reached an all-time high in daily user fees and showed notable increases in New Leases and Graphics.
The slew of positive Akash Network crypto news has caused analysts such as TraderSteve to predict a new AKT price all-time high as soon as the resistance trend line breaks.
Let’s look at the wave count and see if it corroborates this bullish AKT price prediction.
AKT All-Time High
The weekly time frame wave count suggests that AKT is in the fifth and final wave of its upward movement, taking it to a new all-time high. The increase started in 2022.
The August 2024 bounce marked the beginning of the fifth and final wave.
The first target for the top of the upward movement is at $10.18, created by the 1.61 external Fibonacci retracement of wave four.
The shorter-term wave count shows that AKT is in the third sub-wave of this five-wave increase. During this time, the price broke out from a descending resistance trend line and reclaimed the $3.70 horizontal area. The area is now likely to provide support if the price retraces.
Fibonacci levels suggest wave three may have ended. This is because it has 1.61 times the length of wave one (white) and has reached the 0.618 Fibonacci retracement resistance level (black).
Therefore, the AKT price may undergo a short-term correction before resuming its long-term upward movement.
Bullish Trend Ahead
The ongoing short-term AKT increase was likely triggered by the Binance futures listing.
AKT could soon reach a short-term local top. The long-term trend is bullish, and the wave count predicts a new all-time high.
Akash Network Price Prediction 2025: AKT Up on Binance News, Mid-Term Outlook Weak
