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

user avatar

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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.