Akash Network (AKT) Rallies 12% Amidst Market Fluctuation, But What's Driving the AI-Themed Altcoin?

On the 23rd of August, all cryptocurrencies experienced a strong upside. Since then, markets have experienced heightened fluctuation

Akash Network (AKT) had a roller-coaster ride in H2 2022. After hitting a low of $1.80 during the market crash on 5 August, the AI-themed altcoin began an H2 rally.

At press time, AKT was trading at $3.03, showing an 11.8% spike in the past 24 hours. Its trading volume also increased significantly, rising by 573.17% to reach $55.5 million over the same period.

Over the past seven days, the crypto had experienced sustained price gains, amounting to 20.18%. This surge followed a seven-day price drop of 3.38%.

After hitting a high of $3.77 last month, the altcoin faced a downturn. As a result, AKT was trading at a 63.7% loss from its $8.7 all-time high (ATH).

Akash Network coin price direction and technical analysis (15-minute chart)

A look at Akash Network’s 15-minute price chart revealed that the AI altcoin had a positive Directional Movement Index (DMI) of 35.75. This sat higher than the negative DMI, which was at 16.59.

The positive DMI indicated a strong upward movement in the market, with recent highs outweighing lows.

This trend was further evidenced by the Aroon line, which showed that Aroon Up was at 92.86%, significantly higher than Aroon Down at 42.8%.

Akash Network coin derivatives analysis

A glance at Akash Network’s derivatives also showed some interesting trends.

Coinglass showed that AKT’s OI-Weighted Funding Rate had been positive for the last two weeks. This indicated an increased demand for long positions, with investors being willing to pay a premium for their positions. This trend is typically seen as a bullish market sentiment.

Adding to this, Santiment also showed a positive Funding Rate aggregated by the exchange. This further reflected investors’ confidence in Akash Network coin’s rising price and overall future potential.

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