Akash Network (AKT) has demonstrated impressive price performance, with a notable increase of 20% in the past week, despite market fluctuations. The token has successfully surpassed the 20-day exponential moving average (EMA), indicating the potential for further upward movement. AAVE and KASPA have also seen positive gains this week.
Akash Network bounces back
When analyzing the charts, it is evident that AKT has rebounded from its support level at $2.80 and has surged more than 20% in the past week, indicating a bullish trend that is likely to continue. Analysts predict that the token may extend its gains towards the 50-day EMA mark.
Price analysis suggests the presence of a possible five-wave pattern on the AKT/USDT chart, with the current movement considered 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 leveraging 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 propelled its market capitalization to over $1 billion.
Additionally, Crypto.com introduced on-chain staking for AKT through their app, providing users with rewards of up to 19%. Furthermore, Akash partnered with Coinbase Prime to offer 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.
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Aave sees an 18% increase
Aave (AAVE) has experienced a spike of 18% in the past week, surpassing the broader cryptocurrency market, which has declined by 3.8% during the same period. This strong performance highlights Aave’s robust momentum despite the overall market downturn.
Currently, Aave is trading at approximately $94.96 in a horizontal channel pattern, indicating a sideways trend. Potential resistance levels are observed at $155.44, while support levels are identified at $90.23 and $50.39.
Technical indicators for this year show promising signs: the 50-day moving average (50MA) suggests an uptrend, the relative strength index (RSI) stands at a neutral level of 69.77, and although the relative volume (RVOL) is low, the relative volatility index (RVI) indicates high market volatility with an average directional index (ADX) of 22.11, signaling weak trend momentum.
Throughout 2023, Aave has introduced significant updates, including improved lending and borrowing features, enhanced security measures, and the integration of new DeFi protocols. The community has also supported Seamless, a protocol fork that provides an alternative decentralized lending solution.
Earlier this year, AAVE surpassed $100, and by June, wallets holding staked AAVE accounted for 17.09% of the token’s supply, indicating growing adoption.
Analysts predict continued growth, 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.
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Kaspa records a 20.5% gain
Kaspa (KAS) has surged by more than 20% 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 suggests that breakthroughs above the lower trendline could indicate a potential retest of higher resistance levels, signaling improved market sentiment for Kaspa.
According to technical indicators, the 50-day moving average (50MA) indicates a potential uptrend, positioned above the current price. The relative strength index (RSI) is currently in the overbought zone at 75.2, suggesting a potential pullback in price. The average directional index (ADX) at 35.7 indicates strong trend momentum, while the relative volatility index (RVI) at 68.4 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 (KAS) is trading at $0.18, with a 24-hour trading volume of over $47.2 million.
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