Despite a downtrend in the cryptocurrency market, the dominance of Artificial Intelligence (AI) tokens continues to rise. Leading AI crypto-tokens have been showing significant uptrends in their portfolios over the past 48 hours, indicating a growing bullish momentum in the crypto sphere.
In addition, the AKT price has surged by approximately 16% this week, bouncing back from a bearish sentiment that prevailed at the beginning of the month. With this newfound bullish sentiment, could the Akash Network price soon reach $5?
AKT Coin Price On The Verge Of Recording A Breakout Rally?
Following a substantial correction in its valuation earlier this month, the AKT price has undergone a strong bullish reversal, significantly increasing its value. Impressively, the Akash Network price has seen a 22.07% surge in the past two days.
With a daily increase of 7.78% and a market capitalization of $762.32 million, Akash Network (AKT) has climbed to the 92nd position in the global cryptocurrency market rankings.
The Simple Moving Average (SMA) indicator is on the brink of a bullish crossover on the 1-day timeframe, signaling a potential uptrend for the AKT coin price.
The Moving Average Convergence Divergence (MACD) histogram is showing a decreasing trend in the red bars, indicating a shift towards more buying pressure than selling. Additionally, the moving averages are hinting at a potential bullish convergence on the price chart, suggesting a positive outlook for the AI token in the near future.
How High Will AKT Price Go?
If the market can maintain AKT above its support level of $3.210, the altcoin could test its resistance at $4.240 in the upcoming week. Sustaining this level would pave the way for the Akash Network price to target its upper resistance at $5 in the near term.
However, if bearish pressure prevails over bullish momentum, AKT’s price might fall towards the critical support level of $2.250 by the end of the month.
