Latest Akash Network (AKT) Price Analysis

Deep Dive

1. Technical Breakdown (Bearish Impact)

Overview: AKT trades at $0.579, below critical SMAs (7-day: $0.64, 30-day: $0.72). The RSI at 33.31 and MACD histogram (-0.00667) confirm bearish momentum. Fibonacci retracement levels show next support near $0.54.
What this means: Persistent selling and lack of bids near key resistance ($0.78–$1) reflect weak confidence. Traders await a decisive break above the 7-day SMA ($0.64) for short-term relief.

2. Macro Headwinds (Bearish Impact)

Overview: The total crypto market cap fell 1.74% in 24h, with altcoins underperforming Bitcoin (dominance: 59.8%). Fear-driven liquidations totaled $228M in BTC alone.
What this means: AKT’s -0.07% dip aligns with sector-wide caution. Low turnover (24h volume: $8.53M, -16.87%) suggests sidelined capital, typical during Bitcoin Season.

3. Cocoon AI Network Launch (Mixed Impact)

Overview: Telegram’s Cocoon, a decentralized AI network on TON, launched on October 29. It offers encrypted compute for AI tasks, directly competing with Akash’s DePIN use case.
What this means: While Akash remains operational (e.g., during AWS outages), Cocoon’s integration with Telegram’s 1B+ users could fragment demand for decentralized compute.

Conclusion

AKT’s muted 24h move masks deeper bearish drivers: technical breakdowns, macro risk aversion, and rising competition. While oversold conditions might invite a bounce, sustained recovery likely requires broader crypto sentiment shifts or Akash-specific catalysts like migration progress. Key watch: Can AKT hold $0.54 (swing low) if Bitcoin dominance climbs further?

Deep Dive

1. Technical Rebound (Mixed Impact)

Overview:
AKT’s RSI-14 (34.54) exited oversold territory, while the pivot point ($0.575) held as support. The MACD histogram (-0.004) remains bearish, but Fibonacci retracement suggests resistance at $0.653 (78.6% level).

What this means:
Traders may be capitalizing on oversold conditions, though weak volume (-41% 24h) and MACD divergence hint at skepticism. A close above $0.653 could signal momentum, but the 30-day SMA ($0.74) looms as overhead supply.

What to look out for:
Sustained trading above $0.60 with rising volume to confirm bullish conviction.

2. Mainnet 14 Upgrade (Bullish Catalyst)

Overview:
Akash completed its Mainnet 14 upgrade on October 28, migrating to Cosmos SDK v0.53 to enhance interoperability and transaction efficiency (Akash Network).

What this means:
The upgrade addresses legacy bottlenecks, potentially attracting developers seeking scalable decentralized cloud solutions. However, the broader impact is muted by ongoing migration debates (e.g., potential chain shift from Cosmos).

What to look out for:
Adoption metrics like active deployments or GPU utilization post-upgrade.

3. AWS Outage Narrative (Speculative Boost)

Overview:
The October 20 AWS outage reignited discussions about centralized cloud risks, with Akash touting its “zero downtime” during the incident (AMBCrypto).

What this means:
While the event is dated, lingering sentiment may support AKT as a hedge against centralized infrastructure. However, competitor Telegram Cocoon’s Nov 1 launch (TON-based decentralized AI) could dilute this narrative.

Conclusion

AKT’s 24h gain reflects a mix of technical relief and delayed reaction to network upgrades, but the broader downtrend (-74% YoY) underscores unresolved challenges like migration uncertainty and weak demand for decentralized compute. Key watch: Can AKT stabilize above $0.60, or will profit-taking resume near $0.65 resistance?