The post AKT Breakout Rally Eyes A Potential 20% Price Jump appeared first on Coinpedia Fintech News
With the low-cap altcoins market turning ballistic over the past few days, the AKT token price teases a massive jump ahead. As the recovery rally continues in the broader crypto market, the bullish turn in the Akash Network is a lucrative breakout entry opportunity.
Will this breakout rally make the AKT token the best-performing token this week? Is the AKT price headed to hit the $10 mark this month? Let’s find out now in our Akash Network price analysis.
Akash Network Price Performance
With a bullish reversal from the $2.551 mark, after a 57% drop from $6, the AKT price is gaining trend momentum. As the altcoin is up by almost 52% within 14 days, the buyers are teasing a massive trend reversal and a moonshot move ahead.
With the buyers planning to end the correction phase, the AKT price challenges the lower high formation and the resistance trendline. The bullish reversal also teases a rounding bottom pattern.
Currently, the altcoin trades at $3.867 with an intraday rise of 4.72%, making third consecutive bullish candle in the daily chart. As the bullish recovery gains momentum, the market cap of Akash Network approaches the $1 Billion mark.
Technical indicators:
MACD: The bullish reversal in the AKT price results in a bullish crossover of the MACD and signal lines in the 4H chart. This reveals a significant surge in trend momentum, bolstering the upcycle.
EMA: The trend reversal from $2.551 results in an upside move in the 50 EMA in the 4H chart. This increases the golden crossover chances in the altcoin.
Will AKT Price Reach $10?
Currently, the upcycle in the AKT price challenges the 38.20% Fibonacci level at the $3.857 mark. A breakout rally of the overhead trendline can pump the altcoin price higher by 20% to reach the 61.80% Fibonacci level at $4.655 within days.
Optimistically, the bull run will spearhead the market price to top the $8 mark at the 1.618 Fibonacci level.