The post Bulls Against Death Cross Puts AKT Price At Crossroads appeared first on Coinpedia Fintech News
With Bitcoin struggling under $60,000, the bullish trend in the altcoins is slightly slow to pick up pace. However, with the increasing chances of a broader market recovery next week, smart money is focused on finding high-potential altcoins like the Akash Network (AKT) price.
With a recovery rally motion, the AKT price trend is ready for a massive surge in the next week. So, let’s take a look at our Akash Network price analysis and determine the upside potential for this altcoin.
Akash Network Price Performance
Crashing to the declining support trendline with lower price rejection from $2.50, the AKT price takes a positive turnaround. The recovery rally accounts for a price jump of 20% in three weeks.
With the prevailing pullback phase forming a declining trendline, the recent recovery rally completes a triangle pattern. Currently, the AKT price takes support at the rising trendline and trades at $3.21 with an intraday pullback of 3.21%.
As the altcoin price approaches the bottleneck part of the triangle pattern, the sideline traders anticipate a trend-deciding break shortly. Further, the AKT price is down by 10% within 48 hours and completes an evening star at the trendline.
Technical indicators:
RSI: Despite a declining trend, the daily RSI line remains sideways near the halfway line and teases a bullish comeback.
EMA: The declining 50D EMA drops to the 200D EMA and warns of a death cross shortly.
Will AKT Price Hit $6?
As the recovery rally improves the breakout chances, the AKT price could bounce back shortly. Using the Fibonacci retracement levels, the altcoin could hit the $5 mark or the 23.60% level with the triangle breakout rally.
On the flip side, a downfall could result in a price fall to the long-coming support trendline near $2.50.