Akash Network Token (AKT) Witnessed a Significant Bullish Accumulation This Week

Built on the Osmosis chain, the AKT token witnessed a significant bullish accumulation this week. AKT has successfully reclaimed the 20-day EMA mark

Akash Network Token (AKT) price witnessed a slight upmove on Friday, as the token was up by 4.36% over the past 24 hours, trading at $2.75 at press time.

Being a lower-cap crypto asset, AKT witnessed a bullish accumulation this week, as several crypto assets with a lower market cap have been on a shooting spree in the last couple of days.

With the market bulls riding the bullish track and hoping for recovery, investors anticipated a significant breakout ahead.

Akash Network Token Price Analysis

The AKT token has been trading inside a declining channel for the past few weeks, as it witnessed a correction journey from the $6 mark to the $2 mark, dropping more than 60% till now.

However, the correction phase has ended, and a renewed buying interest has been noted. The $7 mark is the immediate resistance level that bulls are targeting to cross for a significant bullish breakout ahead.

Relative Strength Index (RSI) curve on the daily chart. (Source: Santiment)

The Relative Strength Index (RSI) curve reached the midline region, with a positive crossover observed on the chart. Meanwhile, the MACD indicator crossed the signal line and showed upward momentum was likely.

Cryptocurrency trader @ElonTrades highlighted the AKT token in his tweet, as he noted that the token was up by 18% on Friday.

$AKT up 18% today ?Stake n’ chill pic.twitter.com/cjcAGjbjsF

— ElonTrades (@ElonTrades) December 23, 2022

According to @ElonTrades, the AKT token was set for a massive upmove, as the token faced little to no resistance on its way up.

The Fibonacci retracement levels showed where a bullish reversal could occur in the coming sessions if the AKT price crosses the prompt hurdle at the $7 mark.

Being a lower-cap crypto asset, the AKT token would lean toward an ongoing bearish trend unless bulls can spark a huge volume increase or show signs of a breakout.

Social Metrics Surged as Well

This week’s ongoing buyers’ accumulation affected the investors’ discussion activity, as a significant upsurge in the dominance curve was seen in the social dominance curve.

Social Dominance Data (Source: Santiment)

The weighted sentiment data was still valued near the zero line, as it was noted on a negative note at around 0.107%, which represented the fact that investors still needed to be more confident.

It is also worth noting that the futures Open Interest (OI) data rose over 15.87% to $1.21 Million, which suggested a fresh, long buildup in the last 24 hours.

Moreover, the funding rate data switched to a positive value after a long wait, which implied that investors began accumulating the token.

If the AKT price successfully registers a breakout beyond the $7 mark, it may reach the resistance mark of $8.02. The $8.40 mark would follow this in the short term.

On the other hand, it could see a dip toward the $6.20 if it faced rejection near the trendline mark. This would be followed by the $5.80 mark ahead.

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