Rose

Akash Network

Million

Time

Coin

The Akash Network Price has soared nearly 30% higher from July 5th onwards on the daily chart. The broader market started showing a bullish presence in correlation to BTC after July 5th.&nbsp; 
In the intraday session, the AKT market cap increased 7.85%, a whopping $843.558 Million. It has <a href="https://www.thecoinrepublic.com/2024/05/10/akt-price-prediction-bull-run-triggered-7-mark-on-the-cards/">ranked 74th</a> in the top 100 coins, according to CoinMarketCap ranking at press time. 
<h2 class="wp-block-heading" id="h-derivatives-volume-amp-oi-witnessed-surge">Derivatives Volume &amp; OI Witnessed Surge</h2> 
The open interest in derivatives has surged 44.70%, with a total OI amounting to $1.54 million. It means that more contracts are opened in the market of AKT derivatives. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="266" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-1024x266.png" alt="AKT Volume | Source: Coinglass" class="wp-image-605969" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-1024x266.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-300x78.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-768x199.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-1536x398.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-150x39.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-696x181.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41-1068x277.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-41.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 AKT Volume | Source: Coinglass
 </figcaption>
</figure> 
Similarly, the derivatives volume has also witnessed a massive 92.89% increase, amounting to $2.78 Million. 
When writing, AKT’s 24-hour trading volume on all major platforms has reached $23.60 Million, with a 46.02% increase. The liquidity could be a point of concern, as it could show less stable markets. The ratio between volume and market cap stood at 2.80% in 24 hours. 
Furthermore, its volatility stands at 8.35%, which predicts higher chances of uncertain fluctuations in AKT. The FDV has declined 16.4% in the past 30 days, which resulted in $1.30 Billion. Meanwhile, AKT’s market cap dominance is 0.04% in the global crypto verse. 
Overall, per its tokenomics, out of its 244.084 Million AKT max supply, 62.30% quantity floats in the people’s hands. Besides, its maximum supply has been limited to $388.53 Million AKT. 
<h2 class="wp-block-heading" id="h-what-does-the-akt-price-structure-highlight-in-the-daily-time-frame-nbsp">What Does the AKT Price Structure Highlight in the Daily Time Frame?&nbsp;</h2> 
The AKT/USD on Coinbase opened at $5.50 on March 19th, 2024. The current price has traded nearly 37% down, and from the peak generated of $6.90 on April 23rd, AKT traded nearly 50% down.&nbsp; 
While it attained its lowest on the chart on June 18th, 2024, at $2.434, and from this low, the AKT has traded nearly 35% higher. 
Looking at a broader picture, it represents a bullish pattern breakout, precisely the falling wedge pattern. A breakout popped out on June 28th, 2024, and rose briefly until $3.95. This brief upward journey got a break as BTC slipped fast, and by July 5th, the price dipped back to $2.45.  
<a href="https://in.tradingview.com/chart/AKTUSD/LEuNhjJZ-What-Does-AKT-Price-Structure-Highlights-On-Daily-Time-Frame/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
The BTC, the broader market, and AKT sustained from there. However, due to the lack of liquidity present, the price trades beneath the 50-day EMA, acting as one of the dynamic interactions flowing with a price. 
However, some bulls’ presence was observed on the chart, and the MACD had a bullish cross. The RSI stands top of 14-SMA at 49.30. Thus, the indicator signified slight bullishness with low liquidity, keeping the asset in a sideways range. 
<h3 class="wp-block-heading" id="h-akt-price-sypnosis">AKT Price Sypnosis</h3> 
AKT price has surged 30% since July 5th, but it faced roadblocks. Despite rising volume, low liquidity (2.8% volume/market cap) is a concern.&nbsp; 
Price traded below the 50-day average despite bullish technical indicators. AKT may struggle to sustain gains without an increase in liquidity. 
The post <a href="https://www.thecoinrepublic.com/2024/07/14/akash-network-akt-price-rose-30-can-it-break-the-bearish-spell/">Akash Network (AKT) Price Rose 30%: Can It Break the Bearish Spell?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Akash Network (AKT) Price Rose 30%: Can It Break the Bearish Spell?

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