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Akash Network Price Prediction 2024: AKT Price Analysis

Last Updated July 2, 2024 2:20 PM
Valdrin Tahiri
Last Updated July 2, 2024 2:20 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Akash Network’s AKT has been the best performing Artificial Intelligence project.
  • The AKT price has corrected since March, creating a lower high in May.
  • Our price prediction suggest Akash Network will reach a new all-time high in 2025.

Akash Network has been one of crypto’s biggest success stories in recent years. The cloud computing platform’s AKT coin rose more than 10 times over the course of 2023.

A string of announcements helped Akash Network become one of the sector’s biggest gainers. Parent company Overclock Labs purchased  the Cloudmos protocol, making  its code open-source. A hackathon  and the announcement  that it was allowing people to use the USD Coin (USDC) stablecoin saw it grow further. Not only that, but it said  it would upgrade its mainnet.

As a result, AKT went up more than 1,200% last year. After the South Korean Upbit exchange listed  AKT, it surged and investors will be hoping its first ever summit will keep eyes on it. 

Akash Network did not immediately respond to a request for comment

But what is Akash Network (AKT)? How does Akash Network work? Let’s take a look at our own Akash price prediction, made on July 2, 2024. We’ll also examine the AKT price history, and we will talk a little about what Akash is and what it does.

Akash Network Price Prediction

There are two methods used to create our Akash Network price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average Akash Network price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Minimum Akash Price Prediction Average Akash Price Prediction Maximum Akash Price Prediction
2024 $4.52 $5.59 $6.67
2025 $6.56 $8.29 $10.03
2030 $7.10 $8.70 $10.30

Fractal Method

While the AKT price history begins in October 2020, the price did not experience a correction at the time. Rather, it increased for nearly four months, culminating with a then all-time high price of $8.04 before correcting for nearly two years. As a result, we will use the inverted chart to make our AKT fractal prediction.

The decline starting in April had a magnitude of 4,600% and lasted for 595 days. It was preceded by a bearish divergence in the daily RSI which was in overbought territory. Then, a movement outside of the descending resistance trend line and its retest confirmed the move had started. Previously, the trend line had existed for 259 days.

AKT Price Fractal Prediction
AKT/USD Weekly Chart | Credit: Valdrin Tahiri/CoinTraderPro

In the current movement, AKT broke out from a descending resistance trend line in January 2023 after the weekly RSI generated a bullish divergence. Before the breakout, the trend line had existed for 476 days, or 1.8 times longer than the one in 2021.

So, the assumption is made that the ensuing upward movement will also be 1.8 times longer. If the move also has 1.8 times the magnitude, AKT will reach a new all-time high price of $14 in November 2025.  Then, a similar correction could start lasting for several years.

AKT 2025 Price Prediction
AKT/USDT Weekly Chart | Credit: Valdrin Tahiri/CoinTraderPro

The method gives targets of $4.52 and $6.56, for the end of 2024 and 2025, respectively.

Wave Count Method

The most likely wave count suggests that AKT started a five-wave upward movement (white) in November 2022. In it, wave three has extended considerably. The sub-wave count is in black. According to the count, AKT is in the final sub-wave of wave three, which can end at the 1.61 external Fibonacci retracement of the most recent decline at $9.21.

Then, wave five can end at the 1.61 external Fibonacci retracement of the entire drop at $10.03. Assuming the rest of the upward movement has the same duration as the one until now, the target can be reached in December 2025.

AKT Price Prediction 2025
AKT/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the rate of increase for the past five years to make an Akash Network price prediction for the end of 2030. The AKT price has increased by 860% since October 2020, leading to a daily rate of increase of 0.66%.

Projecting this rate of increase until the end of 2030 leads to a price of $8.70. Adding and removing 20% to this target leads to our minimum and maximum Cardano price predictions.

Akash Network Price Prediction for 2024

Both the wave count and fractal methods suggest the AKT price will be increasing at the end of 2024. However, the wave count gives a higher target of $6.67 compared to the $4.52 target from the fractal method.

Akash Network Price Prediction for 2025

Both the wave count and fractal methods suggest that the AKT price will reach a new all-time high in 2025. However, the fractal predicts the high on October while the wave count in December.

Hence, the fractal method gives a lower target for the end of the year since the AKT price will already be correcting by then. The methods give targets of $10.03 and $6.56, respectively.

Akash Network Price Prediction for 2030

The Akash Network price prediction for the end of 2030 uses the current rate of increase. A price between $7.30 and $10.02 is likely if a similar rate of increase continues for the foreseeable future.

AKT Price Analysis

The daily time frame AKT chart shows that the price has been mired in an A-B-C corrective structure since March. In it, waves A:C had an exactly 1:1 ratio, leading to the low of $2.55 on June 18. The AKT price has increased since then.

On June 27, the price broke out from a descending resistance trend line that had existed for over a month. This aligns with the possibility that the correction is over. Shortly afterward, the MACD made a bullish cross and the RSI moved above 50, both signs of a bullish trend.

Akash Network Price Analysis
AKT/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

If the increase continues, the next resistance will be at $6.15. Conversely, the closest horizontal support area is at $2.45.

Akash Network Short-Term Price Prediction

The Akash Network crypto price prediction for the next 24 hours is based on the assumption that AKT has started an upward movement toward the range high.

Akash Network Short-Term Price Prediction
AKT/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

The Akash network price is likely to hover near the current level of $3.80 in the next 24 hours. Then, it can reach $4.26 by the end of the week and possibly trade inside the range high of $6.17 by the end of the month.

AKT RSI Chart

The RSI is a momentum indicator traders use to determine whether the trend is overbought or oversold. Movements above 70 and below 30 are signs of an overbought and oversold trend, respectively.

Movements above and below the 50 line also indicate if the trend is bullish or bearish. The AKT RSI is currently at 51 (red trend line). This is a bullish sign that suggests the AKT upward trend is still intact.

Akash RSI Chart
AKT/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

AKT Price History

Let’s delve into the highlights and lowlights of Akash Network’s price history . While past performance doesn’t guarantee future results, understanding its historical movements can offer valuable context for interpreting Akash Network’s price predictions.

2020-2021: Akash Network (AKT) entered the market in October 2020 at around $0.40. It gradually rose, surpassing $1 in January 2021. As market enthusiasm grew, AKT peaked at an all-time high of $8.08 on April 6. However, it dipped below $3 in July before recovering to over $5 by September. The year closed at $1.79.

2022: This year proved challenging for AKT, mirroring broader market trends. It dropped below $1 early in the year. Following the collapse of the Terra (LUNA) blockchain in May and issues at FTX (FTT) in November, AKT hit an all-time low of $0.1672. Despite a modest recovery, it closed 2022 at $0.1846, marking a significant annual decline of nearly 90%.

2023: Akash Network saw a more optimistic start as the market recovered. It surpassed $0.50 in February and surged past $6 in late May. However, news of the SEC’s actions against Binance and Coinbase in June led to a drop to $0.463 by mid-month. It later stabilized around $6, buoyed by mainnet upgrades and other positive developments.

2024: Momentum continued into early 2024 as AKT reached highs of $6.83 in April. However, it corrected down to approximately $2.55 by July 17 before starting to recover.

Akash History
Akash Network Price History | Credit: CoinGecko
Period Akash Network Price
Last week (June 25, 2024) $5.91
Last month (June 2, 2024) $5.26
Three months ago (April 2, 2024) $4.43
Last year (July 2, 2023) $0.66
Launch price (October 16, 2020) $0.40
All-time high (April 6, 2021) $8.07
All-time low (November 21, 2022) $0.165

Akash Network Price Performance Comparison

Akash Network is part of the Artificial Intelligence category of cryptocurrencies, so let’s compare it with other projects that have similar market capitalizations.

Current Price One Year Ago Price Change
Bittensor $271.3 $47.90 474.4%
Akash Network $3.87 $0.59 581.1%
SingularityNet $0.587 $0.261 138.8%
The Graph $0.208 $0.128 97.4%

The analysis reveals that Akash Network has been the best performing asset compared to other AI projects.

Akash Supply and Distribution

Supply and distibution Figures
Maximum Supply 388,539,008
Circulating supply (as of July 2, 2024) 242,280,045 (62% of maximum supply)

From the Whitepaper

In its technical documentation, or whitepaper , Akash Network says it cloud infrastructure network that is decentralized, competitive, and able to distribute applications between multiple cloud service providers around the globe.

Akash Network (AKT) Explained

Akash Network  is a platform that aims to allow people to buy and sell computing resources on the cloud. This means that it can, potentially, allow people to work online without having to worry about data storage. 

Computing company Overclock Labs created Akash in 2018. Computing experts Greg Osuri, Adam Bozanich co-founded the business.

The AKT coin supports the Akash Network, which was originally based on the Cosmos (ATOM) blockchain.

How Akash Network Works

Akash Network uses a Proof-of-Stake (PoS) consensus mechanism. This means that people can verify transactions and add blocks to the blockchain based on how much AKT they hold. 

The Akash Network creates storage applications called containers. These are leased to tenants. In turn, providers offer storage space for tenants. 

AKT itself pays for transactions on the network. Holders can vote on changes to Akash Network. People can also buy, sell, and trade AKT on exchanges.

Is Akash Network a Good Investment?

The Artificial Intelligence category has not performed well despite significant hype in 2024, possibly due to Nvidia’s massive increase. However, AKT has been the best performer from the category. Our 2024, 2025 and 2030 Aktash Network Price Predictions are all bullish.

Will Akash Network go up or down?

The short-term AKT price prediction shows a completed A-B-C correction followed by a breakout from a descending resistance trend line. Technical indicators also point to the trend being bullish. As a result, the most likely outlook is an increase toward the range high.

Should I invest in Akash Network?

Before you decide whether or not to invest in Akash Network, you will have to do your own research, not only on AKT, but on other, similar, coins and tokens. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

FAQs 

How many Akash Network coins are there?

On July 2, 2024, there were 242.2 million AKT in circulation, representing the total supply.

Will Akash Network reach $10?

The upper limit of our 2025 and 2030 price predictions suggest Akash Network can reach a high of $10 before correcting.

What is Akash Network used for?

AKT pays for transactions on the Akash Network, and holders can vote on changes to the platform. People can also buy, sell, and trade AKT on exchanges. 

 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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