Akash Network

Bitcoin

The post <a href="https://coinpedia.org/price-analysis/akt-price-drops-10-within-triangle-delays-end-of-correction/" rel="noopener noreferrer nofollow">AKT Price Drops 10% Within Triangle Delays End of Correction</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amidst the falling prices of top cryptocurrencies, the AKT price trend follows a similar path. As it crashes under a price pattern, the bearish dominance warns of a downtrend continuation.&nbsp;
Is a broader market recovery possible this week with Bitcoin reversing from the $62,300 support zone? Will the AKT price sustain an upside run and give a bullish breakout? Let’s find out now in our Akash Network price analysis.
<h2 class="wp-block-heading" id="h-akash-network-price-performance-nbsp">Akash Network Price Performance&nbsp;</h2>
With a lower high formation in the daily chart, the AKT price action shows a resistance trendline at play. The Akash network token shows a bearish flow in action but maintains a 17% growth in the last 7 days. With a billion-dollar market cap, the altcoin trading volume drops by 56%.
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171.png" alt="" class="wp-image-298792" srcset="https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/05/08123134/image-171-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
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<a href="https://www.tradingview.com/x/omgEOKKD/" rel="noopener noreferrer nofollow">Tradingview</a>
With a long-coming support trendline in action, the AKT price action shows a triangle pattern in the 1D chart. Further, the recent downfall from the resistance trendline marks a streak of three bearish candles.&nbsp;
Currently, the altcoin trades at $4.42 with an intraday drop of 4.13%, reflecting a surge in supply pressure. During this correction, the AKT price warns of a drop to the support trendline close to the $4 mark.&nbsp;
Technical indicators:
MACD: The MACD and signal lines are intermingled close to the zero line as the volatility is on the rise.&nbsp;
RSI: The daily RSI slope shows a bullish divergence in the last two dips at the support trendline.
<h2 class="wp-block-heading" id="h-will-akt-price-give-a-bullish-break">Will AKT Price Give A Bullish Break?</h2>
If Bitcoin sustains the $62,000 mark for a reversal to higher levels, the altcoins sector could bounce back in May. In such a case, the AKT price trend might capitalize on the additional bullish momentum from the broader market. In such a case, the breakout rally in Akash Network could reach the $7.5 mark. Conversely, a drop under $4 will test the $3.44 support zone.&nbsp;

AKT Price Drops 10% Within Triangle Delays End of Correction

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