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Today’s Biggest Gainer Akash Network — AKT Price Spikes 15% Breaking Its Descending Resistance

Published June 28, 2024 1:19 PM
Nikola Lazic
Published June 28, 2024 1:19 PM

Key Takeaways

  • AKT price surged 15% today, hitting $3.74.
  • AKT broke descending resistance, signaling a potential bull phase.
  • Economic updates showed revised GDP growth and lower unemployment claims.

The price of Akash Network’s AKT token spiked around 15% today, from its daily open of $3.26 to a high of $3.74. This uptrend continuation started on June 24, when AKT made its first higher low on May 16. 

As it broke above the descending resistance that keeps AKT in a downtrend, did we see a signal of a starting bull phase? And if so, can AKT reach a new yearly high?

What Drove The Rise? 

The rise of AKT’s price can be attributed to the overall market exuberance, driven by VanEck’s filing of a spot Solana ETF in the U.S., with approval potentially hinging on changes in SEC leadership by 2025. 

This comes amid debates about Solana’s status as security and broader ETF market developments. The STKD Bitcoin & Gold ETF filing also aims to combine Bitcoin and Gold into a leveraged product to mitigate short-term market fluctuations. 

Meanwhile, in economic updates, the US Bureau of Economic Analysis revised first-quarter GDP growth to 1.4%, and initial unemployment claims decreased by 6,000 to 233,000 for the week ending June 22.

AKT Price Analysis 

After peaking at over $6 in March, the price of AKT fell by more than 50%. It dropped to $3 on April 13 but then surged parabolically, briefly exceeding its previous high on April 23, marking a 70% increase. However, it quickly retreated to $4.80 the same day, leaving a significant wick on the four-hour chart. AKT underwent a correction phase, with the price chart forming a descending triangle.

AKT
AKTUSD | Credit: Nikola Lazic/Tradingview

On June 19, it fell to a lower low, around $2.50, at the 0.681 Fibonacci level from its March high. Since then, some bullish signs have been seen, with the price recovering by 46% to today’s high of $3.78 and breaking above the descending resistance. 

The daily chart RSI was in its undervalued zone until June 23, and on 25, MACD started converting its moving averages, indicating a starting uptrend. Even though further confirmation is needed, these three key factors paint a bullish picture. 

AKT Price Prediction

We can project a new five-wave impulse by zooming into the hourly chart and examining the wave structure. In the short term, it has more room to the upside, potentially reaching $5 at its end. 

AKT
AKTUSD | Credit: Nikola Lazic/Tradingview

However, this could only be the first sub-wave in the next AKT bull phase, which will be confirmed by a significantly higher low on the downturn. If the price maintains trading above $3.70 on this retracement, there will be a strong chance it is headed towards its yearly high of $6.  

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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