Akash Network's native token is experiencing a strong rally and breaking through key resistances, generating optimism among investors.
The cryptocurrency market continues to surprise and the AKT token, native to the Akash Network platform, is not far behind. After a period of consolidation, AKT is experiencing a notable rally so far in November, breaking through several technical resistances and generating expectations of a new bullish cycle.
AKT successfully broke above the 25-day, 50-day, and 200-day exponential moving averages, a clear indication of a short- and medium-term uptrend / TradingView
A bullish rally with solid fundamentals
At the time of this writing, AKT is trading at $4.10, representing an increase of 7.77% in the last 24 hours. This bullish movement has been consolidated thanks to several technical factors:
Bullish crossovers: AKT successfully broke through the 25-, 50- and 200-day exponential moving averages, a clear indication of a short- and medium-term bullish trend. In addition, a bullish crossover of the EMA25 over the EMA50 was recorded, further reinforcing this scenario.
Increased volume: Trading volume on Kucoin, one of the leading cryptocurrency exchanges, is experiencing a significant increase over the past two weeks, rising from 202,150 AKT to 468,750 AKT on a 25-day average. This increase in volume suggests increased investor involvement and increased interest in the asset.
Breaking resistance: AKT managed to break through the resistance located at $4.48, coinciding with the 0.5 Fibonacci retracement level since the downtrend began. This indicates that the price entered a consolidation zone where it could be rejected or break through the next resistance to confirm the uptrend in the medium and long term.
Solid support: AKT found solid support at $2.11, indicating a good foundation for further increases.
What do the indicators say?
The Relative Strength Index (RSI) is in the overbought zone at 75.75 points, suggesting a possible exhaustion of buying strength in the short term. However, the bullish momentum remains and there are no clear signs of a reversal.
Rising volatility
Despite the good news, it is important to note that AKT's volatility has increased considerably in recent weeks, reflected in a 93.85% increase in the ATR indicator. This suggests that there is greater uncertainty in the market and that prices could experience sharp movements in both directions.
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Disclaimer: This information is provided for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult a financial advisor before making any investment decisions.