Akash Network Continues To Lose: Analysts Still Remain Hopeful
Akash Network Continues To Lose: Analysts Still Remain Hopeful
The social sentiments have noted an upswing suggesting increasing user engagement.
The daily chart highlights the formation of a falling wedge pattern with two converging declining trendlines.
While the broader crypto market took a rebound and managed to snap off the losses in the last couple of weeks. On the other side, Akash Network has been struggling for a firm footing in the recent months.
The AKT price has been in a correction phase since Mid may 2024 after suffering from $6 levels. The AKT/USD price action highlights a major double top pattern formation after which triggered a selloff leading to a 52% decline from the highs.
Despite the price correction, few analysts have turned hopeful for August as the few on chain metrics have started to improve. As per the analysts, these on chain metrics points to a possible recovery ahead.
Social Metrics Highlights A Positive Shift.
Akash Network has underperformed broader markets in the short term, cumulating a loss of nearly 8% a week and over 19.8% a month. Though the price has not hit any fresh lows in the past two months, the absence of bulls in the market highlights the formation of a sideways trend in the market.
However, few analysts are being hopeful for Akash Network in August due to a positive development in on-chain metrics: social dominance and social volume. The social dominance and volume curve have been headed higher suggesting an improvement.
Social dominance and social volume data encompass Twitter news, follower counts, and active users on platforms like Telegram and Twitter (X). This data reflects how much the crypto is discussed, valued, and sought after by the community, indicating its popularity, activity, and demand among users.
Akash Network Price Forecast: Better Days in August?
The price action analysis indicates a prevailing correction for the last three months. Moreover a falling wedge pattern was observed on the daily chart with two converging declining trendlines.
Currently, Akash Network price seems to be struggling with a current price range between $2.86 and $3.64. The price currently stands nearly 20% below the 200 days Exponential moving average showing that bears are in control.
On the higher side, the overhead trendline is the most challenging zone for the buyers. Now, if the bulls are able to surpass the trendline resistance, it may validate a bullish breakout marking an end to the correction phase.
On the contrary, a break below $2.65 may invalidate any bullish scenario and the price may then head for a fresh low towards the $2.5 level and $2 levels.
Akash Network has seen short-term losses of nearly 8% weekly and over 19.8% monthly suggesting a correction phase. Despite this, analysts are optimistic for August, citing improvements in on-chain metrics like social dominance and volume. These metrics, reflecting activity on platforms like Twitter and Telegram, indicate increased community interest.
Currently, AKT price hovers in a range formed between $2.86 and $3.64 and was 20% below the 200-day EMA, showing bearish control. A bullish breakout could occur if the price surpasses the overhead trendline, while a drop below $2.65 could lead to new lows.
The social sentiments have noted an upswing suggesting increasing user engagement.
The daily chart highlights the formation of a falling wedge pattern with two converging declining trendlines.
While the broader crypto market took a rebound and managed to snap off the losses in the last couple of weeks. On the other side, Akash Network has been struggling for a firm footing in the recent months.
The AKT price has been in a correction phase since Mid may 2024 after suffering from $6 levels. The AKT/USD price action highlights a major double top pattern formation after which triggered a selloff leading to a 52% decline from the highs.
Despite the price correction, few analysts have turned hopeful for August as the few on chain metrics have started to improve. As per the analysts, these on chain metrics points to a possible recovery ahead.
Social Metrics Highlights A Positive Shift.
Akash Network has underperformed broader markets in the short term, cumulating a loss of nearly 8% a week and over 19.8% a month. Though the price has not hit any fresh lows in the past two months, the absence of bulls in the market highlights the formation of a sideways trend in the market.
However, few analysts are being hopeful for Akash Network in August due to a positive development in on-chain metrics: social dominance and social volume. The social dominance and volume curve have been headed higher suggesting an improvement.
Social dominance and social volume data encompass Twitter news, follower counts, and active users on platforms like Telegram and Twitter (X). This data reflects how much the crypto is discussed, valued, and sought after by the community, indicating its popularity, activity, and demand among users.
Akash Network Price Forecast: Better Days in August?
The price action analysis indicates a prevailing correction for the last three months. Moreover a falling wedge pattern was observed on the daily chart with two converging declining trendlines.
Currently, Akash Network price seems to be struggling with a current price range between $2.86 and $3.64. The price currently stands nearly 20% below the 200 days Exponential moving average showing that bears are in control.
On the higher side, the overhead trendline is the most challenging zone for the buyers. Now, if the bulls are able to surpass the trendline resistance, it may validate a bullish breakout marking an end to the correction phase.
On the contrary, a break below $2.65 may invalidate any bullish scenario and the price may then head for a fresh low towards the $2.5 level and $2 levels.
Akash Network has seen short-term losses of nearly 8% weekly and over 19.8% monthly suggesting a correction phase. Despite this, analysts are optimistic for August, citing improvements in on-chain metrics like social dominance and volume. These metrics, reflecting activity on platforms like Twitter and Telegram, indicate increased community interest.
Currently, AKT price hovers in a range formed between $2.86 and $3.64 and was 20% below the 200-day EMA, showing bearish control. A bullish breakout could occur if the price surpasses the overhead trendline, while a drop below $2.65 could lead to new lows.
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