Should AKT break above the $3.00 level and sustain above it onIn the year-to-date (YTD) period, AKT displayed a strong bullish trend with a consistent uptrend. This consistent positive movement drove up the price to $6.50 by the first quarter of 2024.
Thereon, AKT's price experienced 5-month strong sell-offs from profit bookers from its elevated levels, leading to a decline towards the $1.80 mark by August 5th.
However, the price has found a strong support zone at this level. It tried to form a higher high swing from this zone, which failed due to strong bearish pressure.
The AKT crypto noted a 25% drawdown in the last 14 days, which has considerably impacted investors. The rejection met around the $3 mark, trapped the bulls and smashed its price back to the demand zone.
At press time, AKT's price traded at $2.32, with an intraday decline of 4.8%. Its market cap has declined, reaching $581.2 Million, and it witnessed a 25% decline in spot volume inflow.
The volume amounted to $8.054 Million, and the market cap ratio was 1.44%. This defines its weak liquidity, which could trouble trading activity due to a lack of liquid present.
Should AKT break above the $3.00 level and sustain above it on the daily chart, the possibility of flipping the current trend might surge. Such a spark in price would potentially attract more investors, reinforcing the bullishness and potentially driving the AKT to new elevations.
However, failure to sustain the current demand zone under bearish dominance could lead AKT to plunge even more.
Therefore, based on price structure, the support lies at $2.0 and $1.821, followed by the resistance levels of $3.0 and $3.86, respectively.
