Akash Network (AKT) Surges By 46% Amidst Quiet Altcoin Market
Today, Akash Network (AKT) has emerged as the standout performer among the top 100 cryptocurrencies by market capitalization, recording a significant 46% increase in price over the past 24 hours. This surge has propelled AKT to the forefront, well ahead of its peers such as Core (CORE) and Arweave (AR), which posted gains of 7% and 6%, respectively.
Price and Market Cap Statistics
Currently, AKT is trading at $6.03, with its market cap reaching approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Networkโs trading volume has seen a dramatic rise of 2,790%, reaching $116 million today.
Catalysts For The Akash Network Surge
The primary driver behind todayโs price escalation appears to be an announcement from Upbit, a major South Korean cryptocurrency exchange. Upbit has confirmed that it will list AKT, offering trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting at 10:00 UTC today.
Further fueling investor interest, data from Santiment, a market intelligence platform, shows that Akash Networkโs social media volume has spiked by 200% in the last 24 hours. This surge in social activity, predominantly on platforms like Reddit and Bitcointalk, has played a significant role in AKTโs market performance.
Future Price Trajectory
If AKTโs price can record a daily close above the previous all-time high of $6.49 today, the next target could be $7.46, corresponding to the 1.272 Fibonacci extension of the overarching price movement. Should the buying pressure continue, a move towards $8.64, marked by the 1.618 Fibonacci extension, might be on the horizon. Here, traders should anticipate potential profit-taking.
A breakthrough beyond this level could pave the way to medium-term targets at $10.92 (2.272 Fibonacci extension) and potentially even $12.13 (2.618 Fibonacci projection), contingent on continued bullish sentiment across the broader crypto market.
Conversely, if AKT fails to uphold its new highs and closes below $6.48, a downward correction towards the $5.74 zone (0.786 Fibonacci level) could occur, where new buying opportunities might arise. A further dip below this level could see retests of the $5.16 (0.618 Fibonacci level) and $4.75 (0.5 Fibonacci level) support zones.
Influential Market Factors
The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the release of the Personal Consumption Expenditures Price Index (PCE) on Friday, April 26, or other macroeconomic factors. Nevertheless, the 200-day exponential moving average (EMA) at $3.24 remains the most critical long-term support level for AKT.
Hot Take: Analyzing AKTโs Meteoric Rise
Amidst a rather quiet altcoin market, Akash Network (AKT) has skyrocketed by 46%, outperforming its peers. The surge in AKTโs price is attributable to key factors such as listing on Upbit, increased social media volume, and bullish market sentiment. Investors are closely watching AKTโs price trajectory, with potential targets set at $7.46, $8.64, $10.92, and $12.13 if the bullish momentum continues. However, a failure to maintain new highs could lead to corrective moves towards support levels at $5.74, $5.16, and $4.75. Overall, AKTโs performance is intertwined with broader market conditions and upcoming economic data releases.
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