Akash Who? Lesser-Known Altcoin Rules Weekend’s Top 100 List With 40% Rally
January 07 2024 - 6:02AM
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Over the course of a single year, Akash (AKT) – a seemingly unheard
of altcoin – exhibited a surprising surge, with its value
skyrocketing by over 1,400%, showcasing remarkable resilience and
strength in the market. This strong performance not only
underscores the asset’s robustness but also positions it as a
notable player in the cryptocurrency landscape. Related Reading:
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Appetite – Details Akash Network’s Remarkable Recovery Surge When
the price of the Akash Network (AKT) token recovered from the $0.75
level in mid-October 2023, it began an aggressive recovery pattern
within the general tone of the market. The coin has increased by
around 322% in the last three months alone. At the time of writing,
AKT was trading at $3.11, up nearly 8% in the last 24 hours.
Notably, the coin has tallied an impressive 40.4% increase in value
in the last seven days, and currently sits at the No. 90 spot of
Coingecko’s Top 100 roster. AKT seven-day price action. Source:
Coingecko Operating on the Cosmos blockchain, Akash Network is an
open-source, decentralized cloud computing platform that offers a
unique take on cloud services. This cutting-edge network increases
price-performance and scalability for decentralized applications
and organizations by facilitating the deployment of any
cloud-native application. Utilizing the Cosmos SDK, a layer 1
protocol underpins the Akash platform. By using a Proof-of-Stake
consensus process and a network of decentralized validators, it
maintains network integrity. AKT currently trading at $3.11794079.
Chart: TradingView.com These validators, who get commission
payments in AKT, the native token of the network, are essential to
the process of adding new blocks to the blockchain. By staking
their tokens, AKT holders—also referred to as delegators—further
enhance the Akash chain’s security. Coinciding with the apparent
divergence of opinion on the legitimacy of spot Bitcoin ETFs, AKT
has recently experienced a jump in price. Dennis M. Kelleher, CEO
of Better Markets, recently asked the US SEC to turn down all ETF
proposals. Potential fraud and manipulation are Kelleher’s main
concerns, and she emphasizes that the SEC is in charge of averting
significant harm to investors. Akash (AKT) Price Analysis The chart
(below) shows the price of Akash Network (AKT) over a 4-hour
period. The price has been in a downtrend since October, but it
appears to be forming a bullish flag pattern. A bullish flag is a
continuation pattern that occurs after a strong uptrend. The price
consolidates within a narrow range for a period of time, before
breaking out above the upper trendline of the flag. The breakout on
January 3rd suggests that the bulls are back in control and that
the uptrend is likely to resume. The upper Bollinger Band is also
rising, which is another indication of bullish momentum. Akash
Network coin price| TradingView chart If the uptrend continues, the
price could reach a target of $3.60, which is a 16.86% increase
from the current price. However, it is important to note that there
is no guarantee that the price will reach this target. The price
could also break down below the lower trendline of the flag, which
would signal that the downtrend is resuming. Overall, the chart
looks bullish, but it is important to be aware of the risks
involved in trading any cryptocurrency. Here are some additional
things to keep in mind: The price of AKT is still well below its
all-time high of $8.20, which it reached in April 2021. The
cryptocurrency market is very volatile, so it is important to be
prepared for sudden price swings. Related Reading: Polygon SAGA
Airdrop: A Game-Changer For MATIC Investors? Featured image from
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Akash Network (COIN:AKTUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Akash Network (COIN:AKTUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024