AKT Crypto Kicks Out From Bottom: A Reversal or Sell on Rise
AKT Crypto Kicks Out From Bottom: A Reversal or Sell on Rise
Akash Network Jumped Over 23.1% in the last couple of sessions indicating an improvement in the sentiments.
Bulls are attempting to reclaim their territory back which they had lost during the recent price crash.
Moreover, the long term trend still lies on the bearish side, and it might turn out as a sell on rise opportunity for the bears.
The broader market seemed to be extending the losses further this week resuming with the same trend. Major players like Bitcoin and Ethereum incurred a 5-6% losses this week adding it to a total loss of over 10% this month.
While the broader market continued to weaken, few cryptocurrencies were found stabilizing near the lows and attempting for a rebound to make a bullish reversal. Akash Network which had been in a strong declining phase in the previous week gathered strength near the lows and was attempting for a bullish reversal.
However, the price is yet to reclaim back the bullish territory which adds a sell on rise opportunity for the bears and a risk of losing the gains for the bulls. All in all the crypto seemed to be hovering in a deciding zone from where it would be worth analyzing where it could lead from now.
AKT Crypto Volume And Volatility Analysis
Akash Network crypto witnesses a notable rise in the last couple of sessions after rising from the bottom. At the time of writing, the crypto was exchanging hands close to $3.59 recording an impressive 9.51% rise in Intraday.
Moreover, The crypto has jumped over nearly 22% in the last couple of sessions and has reclaimed its position in the top 100. It now ranks at 77th with a live market capitalization of $884.01 Million. The volume to market cap ratio has jumped over 10.65% indicating mild volatility in the crypto.
Looking at the transaction volume shows an impressive growth of 110.8% a day indicating heightened demand. The daily transaction volume has now reached $94.68 Million. Also, it has a circulating supply of 242.10 million AKT tokens against a total supply of 388.5 Million tokens.
Can Bears Make A Comeback Again?
The recent momentum in the price might have dragged the Bears on the back foot after a rise of over 20% in the last couple of sessions. However, the price still hovers in a bearish territory which adds the risk of a comeback by the bears.
Now, if the price resumes with the same momentum it could escape the bearish territory above the $3.87 level. However, if the price loses steam at the recent supply of $3.87, bears might take it as another opportunity to sell and the AKT price may drop soon.
From a technical point of view, the AKT price currently hovers below the 200 and 50 day EMA suggesting a bearish outlook in the long term. However, the short term trend seemed to be improving as the price has surpassed the 20 day EMA.
What’s Ahead For Akash Network!
Akash Network has shown a remarkable recovery in the recent sessions after taking a rebound from the lows. The bulls are attempting for a recovery after stabilizing near the $2.75 level which shows a possibility of a bullish reversal ahead.
However, the long term trend still favors the bearish side with the price hovering below the key exponential moving average of 50 and 200 days. The EMAs may act as dynamic resistance and the price may suffer losses again.
However, the price rise is backed by momentum and a massive 110% rise in the transaction volume which adds confirmation to an improving sentiment. The price has also surpassed the 20 day EMA indicating a bullish scenario in the short term.
Akash Network Jumped Over 23.1% in the last couple of sessions indicating an improvement in the sentiments.
Bulls are attempting to reclaim their territory back which they had lost during the recent price crash.
Moreover, the long term trend still lies on the bearish side, and it might turn out as a sell on rise opportunity for the bears.
The broader market seemed to be extending the losses further this week resuming with the same trend. Major players like Bitcoin and Ethereum incurred a 5-6% losses this week adding it to a total loss of over 10% this month.
While the broader market continued to weaken, few cryptocurrencies were found stabilizing near the lows and attempting for a rebound to make a bullish reversal. Akash Network which had been in a strong declining phase in the previous week gathered strength near the lows and was attempting for a bullish reversal.
However, the price is yet to reclaim back the bullish territory which adds a sell on rise opportunity for the bears and a risk of losing the gains for the bulls. All in all the crypto seemed to be hovering in a deciding zone from where it would be worth analyzing where it could lead from now.
AKT Crypto Volume And Volatility Analysis
Akash Network crypto witnesses a notable rise in the last couple of sessions after rising from the bottom. At the time of writing, the crypto was exchanging hands close to $3.59 recording an impressive 9.51% rise in Intraday.
Moreover, The crypto has jumped over nearly 22% in the last couple of sessions and has reclaimed its position in the top 100. It now ranks at 77th with a live market capitalization of $884.01 Million. The volume to market cap ratio has jumped over 10.65% indicating mild volatility in the crypto.
Looking at the transaction volume shows an impressive growth of 110.8% a day indicating heightened demand. The daily transaction volume has now reached $94.68 Million. Also, it has a circulating supply of 242.10 million AKT tokens against a total supply of 388.5 Million tokens.
Can Bears Make A Comeback Again?
The recent momentum in the price might have dragged the Bears on the back foot after a rise of over 20% in the last couple of sessions. However, the price still hovers in a bearish territory which adds the risk of a comeback by the bears.
Now, if the price resumes with the same momentum it could escape the bearish territory above the $3.87 level. However, if the price loses steam at the recent supply of $3.87, bears might take it as another opportunity to sell and the AKT price may drop soon.
From a technical point of view, the AKT price currently hovers below the 200 and 50 day EMA suggesting a bearish outlook in the long term. However, the short term trend seemed to be improving as the price has surpassed the 20 day EMA.
What’s Ahead For Akash Network!
Akash Network has shown a remarkable recovery in the recent sessions after taking a rebound from the lows. The bulls are attempting for a recovery after stabilizing near the $2.75 level which shows a possibility of a bullish reversal ahead.
However, the long term trend still favors the bearish side with the price hovering below the key exponential moving average of 50 and 200 days. The EMAs may act as dynamic resistance and the price may suffer losses again.
However, the price rise is backed by momentum and a massive 110% rise in the transaction volume which adds confirmation to an improving sentiment. The price has also surpassed the 20 day EMA indicating a bullish scenario in the short term.