Amid recent market recovery, Akash’s AKT landscape has briefly changed to bullish following an impressive gain since yesterday. While the market sentiment remains bearish, we may see a continuation of the supply level increases.
During the last leg down, AKT lost the vital $3 level following a steady meltdown since the start of the month. It later found support at $2.5 last week and bounced back significantly above the lost level yesterday.
The market became highly volatile today and the price increased to the $3.75 level earlier today. The price level was rejected and is now priced at $3.58. Despite that, it is still looking strong on the daily timeframe.
A continuous daily surge at the current priced level should allow more buying pressure to least $5 before fading out. Sustaining pressure above March’s resistance level could trigger a massive parabolic movement.
It is important to note that Akash’s bearish trajectory remains intact from a short-term perspective. If the bearish action resumes due to a rise in the supply level, we can anticipate a crack below last week’s support.
And if that scenario comes into play, last October resistance would be the next test level to keep in mind before bouncing back. As of now, the bulls are taking charge of the intraday trading.
AKT’s Key Level To Watch
The $4 resistance is the closest recovery level for AKT. If it increases above this resistance, the next checkpoint for the bulls would be $4.7. There’s also resistance at $5.5 and $6.15 if the price continues to surge.
Currently, there are no signs of selling. But if the bears show up again, the key support level to watch for a crackdown is $2.5. Below it lies $2 and $1.5 – last October’s resistance.
Key Resistance Levels: $4, $4.7, $5.5
Key Support Levels: $2.56, $2, $1.5
- Spot Price: $3.58
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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