Following a monthly bearish crossover, which led to another dip, AKT posted losses and slipped under $2 after nine months of trading. It found support and entered a retracement mode at the start of the week.
In continuation of the correction phase, Akash’s price broke lower last week to test $2 after initiating a fresh drop from $3.9 last month. Things became uglier on Monday as the supply level increased and the price further dipped to the $1.81 level.
This level provided support and the price retraced slowly to where it’s changing hands at $2.88. Taking a close look at the daily chart, AKT is testing a descending trendline, acting as diagonal resistance since April.
Considering previous multiple rejections at this trendline, the market may resume selling anytime soon, although it seems to be reaching an exhaustion point. The recent bearish impulsive and retracement moves appeared short compared to the initial swings, indicating weak selling.
The buy is stronger today and as we can see, the price is attempting to break above the trendline. A successful break should propel buying towards $4 before pulling back to nearby support for a major recovery.
Even if the price breaks lower, we can expect a quick interception from the bulls’ side. Still, the overall market bias remains strongly bearish on the daily timeframe.
AKT’s Key Level To Watch
A weekly close above this trendline could facilitate more recovery to the $3.9 resistance in the upcoming week. Should the price continue to gain traction, the $4.7 and $6 levels would be the next target resistance for an increase.
Rejecting this trendline could trigger a rollback to the $2.56 and $1.81 supports. A breakdown from there could plunge the price to $1.
Key Resistance Levels: $3.9, $4.7, $6
Key Support Levels: $2.56, $1.81, $1
- Spot Price: $2.88
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: kebox/123RF // Image Effects by Colorcinch