Core

Akash Network

Reddit

Arweave

Rise

Amidst a rather quiet altcoin market, Akash Network (AKT) has emerged as today’s standout performer among the top 100 cryptocurrencies by market capitalization, recording a significant 46% increase in price over the past 24 hours. This surge has propelled AKT to the forefront, well ahead of its peers such as <a href="https://www.newsbtc.com/news/bitcoin-powered-core-dao-core-skyrockets-by-220/" target="_blank" rel="noopener ">Core (CORE)</a> and Arweave (AR), which posted gains of 7% and 6%, respectively. 
As of this writing, AKT is trading at $6.03. This increase in price has pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Network’s trading volume has seen a dramatic rise of 2,790%, reaching $116 million today. 
Earlier today, AKT reached a new all-time high of $6.84 on the cryptocurrency exchange Kraken, though it has since adjusted to around $6.03, below its previous peak of $6.49. 
<h2 id="catalysts-for-the-akash-network-surge">Catalysts For The Akash Network Surge</h2> 
The primary driver behind today’s price escalation appears to be an <a href="https://upbit.com/service_center/notice?id=4172" target="_blank" rel="noopener nofollow">announcement</a> from Upbit, a major South Korean cryptocurrency exchange. Upbit has confirmed that it will list AKT, offering trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting at 10:00 UTC today. 
Further fueling investor interest, data from Santiment, a market intelligence platform, shows that Akash Network’s social media volume has spiked by 200% in the last 24 hours. This surge in social activity, predominantly on platforms like <a href="https://www.newsbtc.com/news/ethereum/how-reddits-new-ethereum-project-could-be-huge-for-crypto-adoption/" target="_blank" rel="noopener ">Reddit</a> and Bitcointalk, has played a significant role in AKT’s market performance. Future Price Trajectory 
Looking ahead, if AKT’s price can record a daily close above the previous all-time high of $6.49 (set on March 11, 2024) today, the next target could be $7.46, corresponding to the 1.272 Fibonacci extension of the overarching price movement. Should the buying pressure continue, a move towards $8.64, marked by the 1.618 Fibonacci extension, might be on the horizon. Here, traders should anticipate potential profit-taking. 
<img loading="lazy" decoding="async" class="wp-image-604675 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673" alt="Akash Price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/04/AKTUSD_2024-04-23_13-19-17.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
A breakthrough beyond this level could pave the way to medium-term targets at $10.92 (2.272 Fibonacci extension) and potentially even $12.13 (2.618 Fibonacci projection), contingent on continued bullish sentiment across the broader crypto market. 
Conversely, if AKT fails to uphold its new highs and closes below $6.48, a downward correction towards the $5.74 zone (0.786 Fibonacci level) could occur, where new buying opportunities might arise. A further dip below this level could see retests of the $5.16 (0.618 Fibonacci level) and $4.75 (0.5 Fibonacci level) support zones. 
The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the US Fed’s favorite inflation gauge, the Personal Consumption Expenditures Price Index (<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-holds-at-29300-as-pce-comes-out-neutral/" target="_blank" rel="noopener ">PCE</a>) is set for release on Friday, April 26, or other macroeconomic factors. 
Nevertheless, the 200-day exponential moving average (EMA), currently at $3.24, remains the most critical long-term support level for AKT.

Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here’s Why

Inhoudsopgave

NewsBTC

Andere artikelen gepubliceerd op 23 apr 2024

Raboo (RABT) Captures Community Spotlight as NEAR and Litecoin Prices Surge

Why are Whales Accumulating Bitcoin After the Crypto Crash?

Shiba Inu ‘s 128% Surge: Future of SHIB?

Visa Introduces Crypto Withdrawal to Debit Cards in 145 Countries

Binance Froze $4.2 million in XRP following a breach of Ripple co-founder’s wallet

Will Solana Price CRASH to $75?

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!