Despite the border market witnessing a 500 million liquidation in the past 24 hours, the AKT price trend maintains a bullish approach. Over the past 24 hours, the Akash Network token price has maintained a bullish trend and has increased by 3.34%.
As the price action teaches an uptrend continuation, will a breakout rally result in a surge to a new all-time high? Let’s find out.
Akash Network (AKT) Price Performance
In the daily chart, the AKT price action showcases a falling wedge breakout rally gaining momentum. Following the wedge breakout, the Akash Network token price maintains the upside movement with a bullish flag breakout and is currently forming a second consecutive bullish pattern.
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The recovery bull run in the AKT price has increased by 86.85% from $2.11 to the current market price of $3.95. It has surpassed the 50% Fibonacci level at $3.52.
The bullish flag pattern is currently challenging the 61.80% Fibonacci level priced at $3.9851. This coincides with a resistance zone near the $4.00 psychological mark. Hence, the Akash Network token price must surpass the resistance zone to prolong the ongoing rally.
Technical Indicators:
EMA: The increased bullish influence has resulted in a merger of the 50-day and 200-day EMA lines. This teases a golden crossover.
MACD: The minor consolidation has resulted in a merger of the MACD and signal lines, a warning of a bearish crossover.
Will Akash Network (AKT) Price Hit $7.87?
Currently, the AKT price forms a bullish engulfing candle to complete a morning star pattern. This increases the chances of an uptrend continuation with a flag breakout.
Based on the Fibonacci levels, the bullish trend continuation in AKT price will likely face challenges at $4.74 and $5.93. Beyond this, the price targets are at $7.87, which will result in a new all-time high for Akash Network.
Hence, with a massive upside of nearly 100%, the AKT price is on the verge of a moonshot rally. Conversely, a downtrend bullish failure will likely detest the $3.5239.
Will Akash Network reach the $10 price target? Read our Akash Network (AKT) Price Prediction to find out!
FAQs
A falling wedge breakout, a bullish flag pattern, and the potential golden crossover of 50-day and 200-day EMAs fuel the bullish trend.
Key immediate resistance levels are $4.00, $4.74, and $5.93.
A bearish crossover in MACD or a breakdown below the $3.5239 Fibonacci level could invalidate the bullish momentum.
Source: https://coinpedia.org/price-analysis/bullish-flag-breakout-will-akt-price-trigger-a-new-all-time-high/