Akash Network (AKT) Price Prediction 2024: Will AKT Price Hit $250?

AKT has surged 50% in a week, breaking out of a falling wedge pattern and exceeding the 50% Fibonacci level at $3.60. The current 22.73% intraday rally forms a bullish engulfing candle, with targets set at $6.19 and a potential new 52-week high above $6.85.

Cryptocurrency price trends are notoriously volatile and can be influenced by a wide range of factors, making it difficult to predict precise future price movements with certainty.

However, by considering technical indicators, market conditions, and upcoming developments, we can attempt to identify potential price targets for the AKT token in 2024.

Currently, AKT is experiencing a bullish breakout from a falling wedge pattern on the daily chart.

This technical formation, combined with a strong reversal from the $2 psychological support level, suggests a significant bull run with over 100% gains from the recent lows.

The bullish momentum is further supported by the token's price exceeding the 50% Fibonacci level at $3.60 and the 200-day exponential moving average (EMA) line.

This breakout and potential golden crossover between the 200-day EMA and the 50-day EMA could indicate a promising trend reversal.

Moreover, on the intraday chart, we can observe a 22.73% surge in AKT's price, forming a massive bullish engulfing candle—a strong bullish reversal pattern.

This candle completely engulfs the previous day's candle, indicating a significant shift in buying pressure over the last two days.

The bullish engulfing candle is often considered a bullish reversal pattern, especially when it occurs at a crucial support or resistance level.

If we analyze the Moving Average Convergence Divergence (MACD) indicator, we can see that the Akash Network price trend is beginning its third positive week with increasing chances of a bull run ahead.

The MACD line (blue) has crossed above the signal line (orange) to indicate a positive trend, which is further supported by the rising MACD histograms.

This technical indicator suggests a growing buying pressure and momentum in the market.

Taking into account the Fibonacci levels and potential upside beyond the breakout, we can identify price targets at $8.31 and $12.09.

Furthermore, supporting the uptrend, the MACD and signal line are maintaining a positive trend, while the bullish histograms are resurfacing to indicate a bullish momentum.

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