Market Analysis

AKASH NETWORK PRICE ANALYSIS & PREDICTION (May 12) – AKT Sees Full Recovery, Looking Set For A Massive Explosion

AKT has registered a notable gain since the start of the month, gaining traction in the continuation of its recent recovery from a short correctional phase. Following the latest increase, it is currently the market’s top gainer following a 45% weekly jump.

The past two months saw AKT through a serious reduction as the crypto lost more than 50% of its valuation. Fortunately, the bulls showed up and intercepted the price at $3 to halt further bearish movement.

A rejection occurred and the volatility increased slowly for ten days before exploding to a high of $7.1 in late April. Due to a sudden price rejection, the asset wicked down and later lost momentum for streak eight days.

That led to a false breakout (bulls trap) on the spot trading and at the same liquidating millions of long positions on the futures. Surprisingly, the bulls showed up again and the $3.6 level held as support last week.

After increasing for five days, the crypto faced a minor resistance earlier this week and retraced briefly. It resurged on Thursday and flipped to $6.2, marked as resistance since Yesterday. A weekly close above this marked resistance could bring more surges in volatility.

Notwithstanding, the price has recovered well from the dip and is now looking super bullish on the daily chart. AKT’s market cap currently stands at $1.37 billion as per Coingecko data.

AKT’s Key Level To Watch

Source: Tradingview

Though buying pressure has slowed down in the past hour, we can expect more rallies to the $6.5 resistance (March’s high) and the April rejected high of $7.1. The higher target level to watch is $8.

In case of a pullback, the $5.1 level may be considered for support, followed by $4.6. A dip below the holding of $4.2 support would confirm a new leg down.

Key Resistance Levels: $6.5, $7.1, $8

Key Support Levels: $5.1, $4.6, $4.2

  • Spot Price: $5.83
  • Trend: Bullish
  • Volatility: High

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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Image Source: calima3d/123RF // Image Effects by Colorcinch

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