With the recent price increase in the broader market context, Akash Network (AKT) shares have crossed the $4 level. Price analysis indicates continued growth.
Price Performance Analysis of Akash Network
On the daily chart, the AKT price action shows a second flag pattern gaining momentum. Three consecutive bullish candles pushed the price from $3.61 to a peak of $4.38. The 'triple white soldiers' pattern accounts for a price jump of nearly 22%, surpassing the long-standing resistance zone from $4 to $4.12. An intraday pullback of 2.59% may serve as a potential retest of the bullish breakout.
Technical Indicators and Their Significance
Following the golden crossover, the 100-day and 200-day moving averages are close to a new bullish crossover. The MACD and signal line maintain a positive alignment, avoiding a negative crossover possibility, supporting the bullish trend.
Will the Target of $5.93 Be Achievable?
Using the Fibonacci retracement tool, the upper price targets beyond the immediate resistance of $4.74 are at $5.93 and $7.87. As for support, it remains at $4, with additional support at $3.52.
Despite the high potential of Akash Network, participants need to closely monitor technical indicators and resistance levels to accurately assess future market movements.
