The Akash Network’s native token AKT is trading at $3.8 as of 4:00 am EST, up 7% over the last 24 hours.
AKT was leading the top gainers on Wednesday as shown in the figure below. The second top gainer among the top 100 cryptocurrencies by market capitalization are Near Protocol (NEAR) which has rallied more than 6.8% over the last 24 hours.
Other gainers include Axelar (AXL) and Pepe (PEPE), which are up 5.2% and 5.14% over the last 24 hours, respectively.
Top gainers April 10. Source: CoinMarketCap
Akash Network’ bulls seek a return to $1.22
The Akash Network price action has formed a V-shaped recovery on the daily chart (see below). This is a significantly bullish chart pattern characterized by a quick and sustained recovery in measures of price performance after a sharp price decline.
As such, after the initial 35% drop from $4.658 to $2.996, AKT has since recovered to the current price above $3.846. The RSI is still moving within the positive region and the price strength at $52 suggests that the bulls are in control of the price.
A daily candlestick close above $4 will display the ability of the bulls to sustain the uptrend, paving the way for an ascent to $21. Such a move would represent a 21% uptick from the current price.
TradingView chart: FTM/USD
Things could go awry for AKT price if the support at $3.5 gives in. In such a case, the token could drop toward the $3.2 psychological level, and later to the pattern’s low at $2.996. This would bring the total losses to 23%.
