The cryptocurrency market has continued to show increased price volatility over the past few days. However, with Bitcoin price hovering above the $62,000 mark, top altcoins have successfully regained momentum. This indicates a positive future for the crypto space.
On the other hand, Artificial Intelligence (AI) has shown a significant uptrend during this time. Subsequently, AKT price recorded a similar price movement by breaking its resistance level.
Given the current market sentiment, is this the right time to hoard AI tokens for the upcoming bull run? Dive in as in this article, we have covered the price analysis and possible short-lived price objectives of the Akash Network (AKT) token.
AKT price fails to retest its key resistance level
The Akash Network token has added 8.83% to its portfolio in the past day and 15.69% in the past week. Despite a correction of 11.28% in the past month, it has a year-to-date return of +18.89%, highlighting a long-term bullish sentiment.
Moreover, the altcoin is hovering near its key resistance level of $3,210 and may be on the verge of a retest. However, the outcome is uncertain. Notably, the Akash Network price is currently quoted as trading at $2,892.
With a 24-hour trading volume of $58.96 million and a circulating supply of 248,285,801 AKT tokens, this altcoin has secured the 83rd spot on the global cryptocurrency list with a market capitalization of $720.33 million.
Market sentiments for Akash Network
The Relative Strength Index (RSI) has registered a bearish curve above the midpoint. However, its average trend line is showing an uptrend, highlighting a mixed price sentiment for the altcoin on this indicator.
Furthermore, the MACD has shown a consistent increase in the green histogram with its averages recording a bullish increase, suggesting that the price will continue to gain value this week.
How high will AKT rise?
If the market pushes the AKT price above its resistance level, the bulls will gain momentum and head towards the upper level of $4,240. If the price sustains at this level, this AI token could test its high of $5,180 in the coming time.
On the other hand, if the bears regain control, the AKT coin could drop to its support level of $2,250. Moreover, if the bears continue to dominate the crypto space, the altcoin could record a new yearly low.
