CORE and AKT at Helm of Market Revival – Turnaround or Relief Rally?
Will CORE and AKT Sustain Their Upward Movement | Credit: Hameem Sarwar
Key Takeaways
- The majority of the crypto market rebounded after its April 13 low.
- Out of the top 100 largest cryptocurrencies, CORE & AKT have recovered the most.
- Will this increase lead to new highs, or is it simply part of a relief rally?
The crypto market has recovered by 6% since falling to a two-month low on April 13. The increase is more pronounced in cryptocurrencies ranked higher based on their market cap. The two cryptocurrencies that have increased the most are CORE and AKT.
Despite their impressive recovery, both CORE and AKT trade inside significant resistance levels. This leads to the dilemma if the upward trend will continue or if it is part of a relief rally.
Who is Leading the Crypto Market Rebound?
The cryptocurrency market has corrected since March. The decrease accelerated further last week. Most of the crypto market, including Bitcoin, reached its bottom on April 13 and has been on a rebound since.
However, the bounce has been vastly different across the board, ranging from double digit increases to downright negative rates of increase.
Out of the top 100 biggest cryptocurrencies based on their market capitalizations, the five best performers are:
- CORE – 68% increase.
- AKT – 26% increase.
- TIA – 25% increase.
- MKR – 23% increase.
- OKB – 15% increase.
CORE Price Prediction: Is the Breakout a Sign of Things to Come?
The six-hour time frame shows that unlike the rest of the crypto market, CORE reached its local bottom on March 12. Then, it showed strength by creating a higher low the next day.
Subsequently, CORE broke out from a descending resistance on April 15, culminating with a high of $2.90 the same day. CORE has decreased since, validating the 0.5 Fibonacci retracement resistance level and the $2.75 horizontal resistance area (red icons).
Despite the decrease, the six-hour RSI has crossed above 50, a sign of a bullish trend. Additionally, the increase resembles a five-wave impulsive upward movement, in which CORE has started wave four.
If the count is accurate, CORE will reach a bottom soon and then begin an increase to the next resistance at $3.70.
Conversely, a decrease below the wave one high at $1.75 (red) will invalidate the count. In that case, CORE will likely return to validate the descending resistance trend line at $1.30.
AKT Price Prediction: Reclaim or Rejection?
The AKT price had decreased inside a descending parallel channel since March 11. Initially, the decrease was contained inside a descending parallel channel.
However, the price broke down from the channel on April 1 and then fell below the $4.10 horizontal support area ten days later, culminating with a low of $3 on April 13.
Despite the ensuing bounce, AKT trades below the $4.10 area and the channel’s support trend line. In fact, the price validated the area and the channel as resistance today (red icon) and is creating a bearish candlestick.
The daily RSI and MACD both give mixed readings. While they are increasing, the RSI is below 50 and the MACD has not made a bullish cross yet. So, they do not confirm the trend’s direction.
As a result, whether AKT moves inside the channel and above $4.10 or gets rejected will determine the future trend’s direction. Reclaiming the resistance can trigger a 30% increase to the channel’s resistance trend line at 5. On the other hand, a rejection can catalyze a 18% drop back to the $3.20 horizontal support area.
CORE Shows More Recovery Promise Relative to AKT
A common occurrence after crypto market corrections is that coins that recover the fastest after sharp decrease are often the ones to continue increasing once the market stabilizes. The price action for CORE suggests that this is likely to be the case. However, AKT, the second biggest gainer, could struggle to begin an upward movement because it faces significant resistance.
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