Akash Network Token (AKT) Surges 25% as Crypto Market Turns Bullish

Akash's (AKT) 25% overnight price surge marks a positive trend, indicating a potential surge to double digits. The broader market recovery and anticipation of an altcoin season post-halving could fuel the AKT bull run. Despite a recent dip below the support trendline, AKT sustains dominance above the 200D EMA and has formed a bullish engulfing candle, reclaiming the $5 mark.

Akash Network Token (AKT) Surges 25% Amidst Broader Market Recovery

As the broader cryptocurrency market exhibits a positive trend, altcoins like Akash Network Token (AKT) have experienced a remarkable resurgence, with AKT witnessing a substantial overnight price jump of 25%. This sharp upward movement underscores a positive trajectory for the token, projecting a potential surge towards double-digit values.

The broader market recovery, fueled by a highly anticipated altcoin season post-halving, has provided a tailwind for Akash's recent rally. With its immense potential for significant returns, analysts are closely monitoring whether the AKT token price will sustain its current upward momentum.

AKT Price Analysis: Technical Indicators Point to Bullish Trend

Despite a recent dip below a crucial support trendline, AKT's price action has maintained dominance above the 200-day Exponential Moving Average (EMA). This resilience, coupled with an underthrow and subsequent resurfacing above the trendline, has injected a surge of bullish momentum into the token's price.

TradingView data reveals the formation of a bullish engulfing candle, marking a 25% upswing that has successfully reclaimed the $5 mark. This signals the commencement of a new positive cycle within the uptrend, reinforcing Akash Network's continued upward trajectory.

Currently, AKT trades at $5.1022 with a modest intraday movement, indicating a temporary exhaustion following the overnight spike. Nevertheless, the sharp increase sets a bullish tone in the daily chart.

Technical indicators further corroborate the positive outlook for AKT. The token's price has surpassed the 50-day EMA, mitigating the initial threat of a bearish death cross. Moreover, the Moving Average Convergence Divergence (MACD) indicator exhibits a bullish crossover, with both the MACD and signal lines gaining momentum. This convergence supports the likelihood of a sustained bull run for Akash Network.

AKT Price Target: $10 Milestone in Sight

Assuming the current bullish momentum is maintained, AKT's price could potentially reach a new all-time high. However, buyers must first overcome the 50% Fibonacci retracement level at $6, which constitutes a significant resistance.

A bullish breakthrough of this resistance could propel the uptrend towards the $8.65 mark, paving the way for a potential ascent to the $10 psychological milestone. Conversely, a reversal could lead to a retest of the support trendline, challenging the token's bullish integrity.

Conclusion

Akash Network Token (AKT) has emerged as a strong performer amidst the broader cryptocurrency market recovery. Its 25% overnight price surge and positive technical indicators suggest a continuation of the bull run. With the potential to reach double digits, AKT presents an attractive investment opportunity for those seeking exposure to high-growth altcoins. However, investors should exercise caution and closely monitor market conditions, as price volatility remains a key characteristic of the crypto market.