Akash Network (AKT) has demonstrated impressive price performance, with a noteworthy 20% surge in the past week amidst a turbulent market. The token has successfully regained its 20-day exponential moving average (EMA), indicating the potential for further upward movement. AAVE and KASPA have also experienced positive gains this week.
AKT has rebounded from its support level at $2.80 and has surged over 20% in the past week, signaling a bullish trend that is likely to continue. Analysts believe that the token has the potential to extend its gains towards the 50-day EMA mark.
An analysis of the price suggests a possible five-wave pattern on the AKT/USDT chart, with the current movement seen as a correction within a broader wave structure. This pattern could pave the way for a significant upward move during the upcoming altcoin season.
At the time of writing, Akash is trading at approximately $3.60.
Fundamentally, Akash Network is focused on revolutionizing cloud computing by utilizing blockchain technology to create a decentralized, open-source marketplace for cloud services. As the ecosystem expands, the AKT token is expected to play a crucial role in facilitating and securing these decentralized cloud services.
In April, Akash experienced a significant surge of over 50% to nearly $7 after being listed on the South Korean exchange Upbit. This pushed its market capitalization above $1 billion.
Additionally, Crypto.com has introduced on-chain staking for AKT through their app, offering users rewards of up to 19%. Furthermore, Akash has partnered with Coinbase Prime to provide institutional-grade custody services for AKT, aiming to increase institutional involvement.
AKT currently has a market capitalization of $871.91 million and a 24-hour trading volume of over $21 million.
In other news, Aave (AAVE) has seen an 18% spike in the past week, outperforming the broader cryptocurrency market, which has experienced a 3.8% decline over the same period. Aave is currently trading at around $94.96 in a horizontal channel pattern, suggesting a sideways trend.
Technical indicators for Aave show promising signs, with the 50-day moving average (50MA) indicating an uptrend and the relative strength index (RSI) at a neutral level of 69.77. The relative volatility index (RVI) indicates high market volatility, while the relative volume (RVOL) is low, signaling weak trend momentum.
Throughout 2023, Aave has introduced significant updates, including enhanced lending and borrowing features, improved security measures, and the integration of new DeFi protocols. The community has also endorsed Seamless, a protocol fork that provides an alternative decentralized lending solution.
Earlier this year, AAVE surpassed $100, and by June, wallet holders staked AAVE held 17.09% of the token’s supply, indicating growing adoption. Analysts predict continued growth for Aave, with a price range forecasted from a minimum of $82.11 to an average of $187.04, potentially reaching a maximum of $200.33 by the end of the year.
Furthermore, Kaspa (KAS) has recorded a 20.5% gain in the past week, now trading above the critical resistance level of $0.15. The recent price movement has formed a “falling wedge” pattern, with significant support identified around $0.123.
Technical analysis indicates that breakthroughs above the lower trendline could signal a potential retest of higher resistance levels, indicating improved market sentiment for Kaspa.
The 50-day moving average (50MA) suggests a potential uptrend for Kaspa, positioned above the current price. The relative strength index (RSI) is currently in the overbought zone at 75.2, hinting at a potential pullback in the price. The average directional index (ADX) indicates strong trend momentum, while the relative volatility index (RVI) shows moderate volatility within the market. Several factors contribute to Kaspa’s potential growth.
An upcoming Rust upgrade is expected to enhance network efficiency and compatibility, making Kaspa more appealing. The increasing hash rate also signifies stronger network security and greater miner engagement, instilling confidence in the project.
At the time of writing, Kaspa is trading at $0.18, with a 24-hour trading volume of over $47.2 million.
In Q2, the crypto industry suffered losses of $572.7 million due to hacks and scams.