Akash Network’s (AKT) Bullish Momentum Targets 52-Week High as AKT Surges 50%

Akash Network’s native token, AKT, has been on a bullish tear recently, surging by nearly 50% in the past week.

Akash Network’s (CRYPTO: AKT) native token has been on a roll lately, surging nearly 50% over the past week. The altcoin broke out of a falling wedge pattern, crossed key resistance levels and is now eyeing a potential 52-week high.

Technical Analysis: A Bullish Breakout In Play

On the daily chart, AKT’s price action shows the formation of a falling wedge, a pattern that usually indicates a bullish reversal. After a brief bounce off the psychological support level at $2, the price surged over 100%, signaling the start of a new bullish trend.

Recently, AKT breached the 50% Fibonacci retracement level at $3.60, a critical resistance that marked the mid-point of its previous downtrend. The breakout also coincided with the 200-day exponential moving average (EMA), a key long-term trendline, signaling a shift towards bullish momentum.

The intraday rally of 22.73% further highlighted this trend, forming a bullish engulfing candle. This type of candlestick pattern usually suggests that the uptrend will continue, with $6.19 being the next immediate target.

Key Price Targets: Can AKT Reach A New 52-Week High?

With AKT trading at $4 and a market cap of nearly $1 billion, the altcoin is quickly approaching new all-time highs. The recent price action suggests that the next major resistance at $6.85 may be breached soon. If this happens, AKT could easily cross the 52-week high, setting its sights on $8.31, a level that aligns with key Fibonacci projections.

Beyond $8.31, further upside could target the $12.09 region, suggesting a strong bullish trajectory for the token.

Positive Technical Indicators Support Bullish Outlook

Several technical indicators point to a continued bullish trend for AKT:

Relative Strength Index (RSI): The RSI is currently above 70, indicating that AKT is in overbought territory. However, considering the strong momentum and breakout, this overbought condition may persist, supporting the bullish outlook.

Moving Averages: The price is trading above both the 50-day and 200-day EMAs, indicating strong bullish support. The 50-day EMA is also flattening out, suggesting a potential "golden" EMA crossover, which would further indicate bullish momentum.

Bollinger Bands: The price is situated within the upper Bollinger Band, indicating that AKT is trading near the highest price range. This positioning suggests that the bullish trend is still strong and has room for further price appreciation.

Overall, the technical indicators strongly support a bullish continuation for AKT, withRSI highlighting the potential for sustained overbought conditions and moving averages and Bollinger Bands indicating a bullish price trend.

What’s Next For Akash Network (AKT)?

As AKT gains momentum and approaches a $1 billion market cap, its rally is likely to continue, with strong support from both technical indicators and market sentiment. The current momentum suggests that AKT could break above the $6.85 resistance and potentially set a new 52-week high.

If the buying pressure persists, we could see AKT targeting levels as high as $8.31 or even $12.09 in the coming months.