AKT Price Rallies 20% This Week: Is Bullish Reversal In Play?

Over the last week, the Akash Network (AKT) has experienced a surge of over 20%. This surge triggered a spark among investors about the possibility of an imminent bullish reversal.

After reverting from the $2 support level, the AKT price has maintained buying interest, continuing to flash bullishness. The subsequent price increase suggested that the trend reversal was on the horizon.

Moreover, the altcoin would add momentum in the short term. A break and close above the $3 mark would validate the bullish forecast.

If the AKT price crosses the $3 horizontal neckline, it could trigger a giant upswing. This could take the price to retest the 200-day EMA zone close to the $3.30 mark in the coming sessions.

AKT Price Prediction: Has the Reversal Begun?

The technical analysis from the daily time frame gave a bullish AKT crypto price prediction. It was due to the recent breakout of the falling wedge formation, which is considered a bullish reversal pattern.

The AKT price was trading at $2.84 at press time, with an intraday rise of over 7.39%. This displayed significant buying momentum. It boasted a market cap of $116.19 Million and was positioned as the 89th largest crypto.

@CNSSignals, in his post, said that the Akash Network price has escaped a symmetrical triangle pattern. A successful retest could lead to a price upsurge in the coming sessions.

$AKT / USDT

The price has broken the symmetrical triangle pattern. A successful retest will provide a bullish rally. pic.twitter.com/mypATIgELx

— CNS Signals (@CNSSignals) September 21, 2024

Per the Fib levels, AKT crypto had crossed the 38.2% zone and aimed to revisit the 50% zone. It was placed around the $4 mark.

Technical indicators and On-Chain data insights

The Relative Strength Index (RSI) has supported the constant expansion. It was currently approaching the overbought zone, 65 at press time. This suggested that a potential upmove is on the horizon.

Technical Indicators Data | Source: Coinalyze

Notably, the Chaikin Money Flow (CMF) index also backs the recent price gain, as it is evident that substantial inflows were entering the market that led to the price surge.

Moreover, the Moving Average Convergence Divergence (MACD) indicator has consistently formed the green bars on the histogram and replicates a bullish view on the chart.

According to Coinglass data, the token’s funding rate across cryptocurrency exchanges has been primarily positive since 17 September. A positive funding rate suggests a high demand for long positions.

Source: Coinglass

The uptick in the AKT price in the past few days has led to a rise in the demand for long positions. This signaled a shift in market sentiment from bearish to bullish. The OI-weighted funding rate was above zero at 0.0100% at press time.

Furthermore, the Open Interest (OI) surged by 14.51% to $3.35 Million in the past 24 hours. It indicated a long buildup activity.

The immediate support zones for AKT crypto were around $2.30 and $2. At the same time, the upside hurdles were around $3.20 and $4 to watch out for the upcoming sessions.

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