AKT Price Drops 10% Within Triangle Delays End of Correction
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Amidst the falling prices of top cryptocurrencies, the AKT price trend follows a similar path. As it crashes under a price pattern, the bearish dominance warns of a downtrend continuation.
Is a broader market recovery possible this week with Bitcoin reversing from the $62,300 support zone? Will the AKT price sustain an upside run and give a bullish breakout? Let’s find out now in our Akash Network price analysis.
Akash Network Price Performance
With a lower high formation in the daily chart, the AKT price action shows a resistance trendline at play. The Akash network token shows a bearish flow in action but maintains a 17% growth in the last 7 days. With a billion-dollar market cap, the altcoin trading volume drops by 56%.
With a long-coming support trendline in action, the AKT price action shows a triangle pattern in the 1D chart. Further, the recent downfall from the resistance trendline marks a streak of three bearish candles.
Currently, the altcoin trades at $4.42 with an intraday drop of 4.13%, reflecting a surge in supply pressure. During this correction, the AKT price warns of a drop to the support trendline close to the $4 mark.
Technical indicators:
MACD: The MACD and signal lines are intermingled close to the zero line as the volatility is on the rise.
RSI: The daily RSI slope shows a bullish divergence in the last two dips at the support trendline.
Will AKT Price Give A Bullish Break?
If Bitcoin sustains the $62,000 mark for a reversal to higher levels, the altcoins sector could bounce back in May. In such a case, the AKT price trend might capitalize on the additional bullish momentum from the broader market. In such a case, the breakout rally in Akash Network could reach the $7.5 mark. Conversely, a drop under $4 will test the $3.44 support zone.
Filed under: Bitcoin - @ May 8, 2024 7:01 am