AKT's Price Spike After Binance Listing: What's Driving It?

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by Giorgi Kostiuk

2 years ago

Akash Network's native token, AKT, is experiencing a significant price surge reaching a six-month high following its listing on Binance Futures. This has led to a substantial increase in market capitalization and trading volume.

Reasons for AKT's Price Increase

AKT's price shot up after Binance Futures announced the listing of the AI-focused altcoin via Perpetual Contract, allowing trading with up to 75x leverage. Furthermore, rumors about potential US crypto tax policy changes have contributed to this rise.

Impact of Binance Listing

The Binance listing is a significant milestone for Akash Network. Previously in April, the token saw a major price rise due to its listing on the South Korean exchange Upbit. This underscores the importance of major exchange listings for cryptocurrencies, especially for decentralized cloud service platforms like Akash Network.

Outlook and Analysts' Insights

Despite recent gains, analysts warn of a potential price correction for AKT. One analyst notes that the token may face selling pressure at the resistance level of $4.732. However, the long-term outlook remains positive, with predictions of the token eventually reaching as high as $28.

AKT's recent rally highlights the impact of major exchange listings and potential regulatory changes on cryptocurrency prices. However, analysts' cautions about potential short-term corrections remain important considerations for investors.

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