The cryptocurrency market has continued to display increased price volatility over the past few days. However, with the price of Bitcoin hovering above the $62K mark, the top altcoins have successfully regained momentum. This indicates a positive outlook for the crypto space.
On the other hand, Artificial Intelligence (AI) has displayed a significant uptrend during this time. Following this, the AKT price has recorded a similar price action by breaking out of its resistance level.
With the present market sentiments, is this the right time to stack AI tokens for the upcoming bull run? Dive in as, in this article, we have covered the price analysis and possible short-lived price targets of the Akash Network (AKT) token.
AKT Price Fails to Retest Its Important Resistance Level
The Akash Network token has added 8.83% to its portfolio in the past day and 15.69% over the past week. Despite recording a correction of 11.28% during the past month, it has a Year-to-Date (YTD) return of +18.89%. This highlights a long-term bullish sentiment.
Moreover, the altcoin is hovering close to its important resistance level of $3.210 and is potentially on the verge of a retest. However, the outcome of this is uncertain. Notably, the Akash Network price is currently listed with a trading value of $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 position in the global cryptocurrency list with a market capitalization of $720.33 million.
Akash Network Market Sentiments
The Relative Strength Index (RSI) has recorded a bearish curve above the midpoint. However, its average trendline shows an uptrend. This highlights a mixed price sentiment for the altcoin in this indicator.
Further, the MACD has displayed a constant rise in the green histogram, with its averages recording a bullish surge. This suggests that the price will continue to gain value this week.
How High Will AKT Go?
If the market pushes the AKT price above its resistance level, the bulls will gain momentum and head toward its upper level of $4.240. Maintaining the price at that level could result in this AI token testing its high of $5.180 in the coming time.
On the flip side, if the bears regain control, the AKT coin could plunge toward its support level of $2.250. Furthermore, if the bears continue to dominate the crypto space, the altcoin could record a new yearly low.
