AKT Emerges as a Top Gainer Among Top 100 Crypto Assets After Securing Binance Futures Listing

The native token of Akash Network rose 35%, hitting a six-month high of $4.66 on Nov. 19, bringing its market cap to over $1 billion when writing.

Akash (AKT) price surged 35% to hit a six-month high of $4.66 on Saturday evening as the token’s listing on Binance Futures brought a wave of buying pressure.

The token, which belongs to Akash Network, was trading at $4.5 at the time of writing with a market cap of over $1 billion, according to CoinGecko data. It had hit a low of $1.7 in early September.

Akash price soared to hit six-month high of $4.66 on Binance listing

Akash price hit a six-month high of $4.66 on Saturday. Source: CoinMarketCap

Akash price: What drove the rally?

The surge in AKT price came after Binance Futures announced the expansion of its listing to include the AI-focused altcoin through the AKTUSDT Perpetual Contract.

The contract enables traders to trade AKT on the platform with up to 75x leverage, attracting those seeking higher potential returns through leveraged trading.

Another factor fueling AKT’s rally was the circulating rumor that Trump could eliminate all capital gains taxes on cryptocurrencies issued by U.S. companies, which could benefit altcoins like Akash Network’s AKT, which is headquartered in the U.S.

Akash Network $AKT🛢️ GPU is the new oil🤖 Decentralizing the AI revolution🇺🇸 Headquartered in the U.S.A.

Make Computing Great Again! pic.twitter.com/MGmrQ7aFw4

— ChainLinkGod.eth (@ChainLinkGod) November 18, 2023

Akash Network is fundamentally focused on leading a transformation in cloud computing by leveraging blockchain technology to create a decentralized, open-source marketplace for cloud services.

As the ecosystem grows, the AKT token is expected to play a pivotal role in enabling and securing these decentralized cloud operations.

In April, Akash saw a surge of over 48%, reaching nearly $7 following its listing on the South Korean exchange Upbit, which propelled its market capitalization to over $1 billion.

However, one analyst cautioned of an impending pullback in a Nov. 19 X post, where they noted that AKT might face selling pressure at the resistance level of $4.732, a threshold the altcoin failed to breach during two consecutive attempts in June this year.

Despite the warning, the analyst remained bullish over the altcoin’s prospects in the long term, speculating it would eventually hit as high as $28.

On the 1-day AKT/USDT price chart, AKT was trading above the upper Bollinger Band, indicating that the asset is currently overbought. The Relative Strength Index further confirmed this overbought status with a reading of 76.

These indicators suggest that AKT might soon face a price reversal before continuing its rally, with the middle Bollinger Band at $2.828 serving as the immediate support level.

Despite the recent price rally, AKT is still down by 47.7% from its all-time high of $8.07.