Akash Network's $AKT Token Slides 52% From Its All-Time High, Following a Falling Wedge Pattern

Akash Network, founded by Greg Osuri, is a decentralized cloud computing platform utilizing $AKT as its native utility token.

Akash Network, a decentralized cloud computing platform, has seen a decrease in its trading volume over the last 24 hours. The crypto's trading volume has declined by 18% from the press time, while the market cap has also decreased by 6.4%.

At press time, the value of the crypto's traded volume in the last 24 hours is $58.423 Million, which is 6.29% of the crypto's market cap. This indicates good liquidity in the crypto. The market cap value of the crypto is $932.245 Million.

Out of the maximum supply of the crypto, 61.82% is circulating in the market, resulting in a circulating supply of 240.184M AKT. The total supply of the crypto is similar to the circulating supply, and the maximum supply of the crypto is 388.539M AKT.

The fully diluted market cap of the crypto is $1.506 Billion. The price of the Akash Network has advanced by 2200% from its all-time low of $0.1672, which was recorded two years ago.

The all-time high price recorded for the crypto is $8.08, and the current market price of the crypto at press time is down by 52.2%. Moreover, the all-time high was achieved three years ago in crypto.

AKT Crypto Technical Analysis

The price of AKT has broken below crucial levels and is in a strong downtrend for the last few weeks.

AKT is following a falling wedge pattern and has also broken down below the same with strong momentum. The candlestick formed on the chart also supports the bearish sentiment in the price of the crypto.

If we further look into the charts, strong lower lows and lower highs are formed on the charts, which further confirms the downtrend in the price of the AKT crypto.

AKT/USD Chart by TradingView

The moving averages on the 4H chart of the crypto are trading in a death cross, followed by a strong downtrend in the price of the crypto. The price of the crypto further is trading below the 50-day and the 200-day EMA.

The MACD and the signal line are trading in a death cross and have sustained in a negative trajectory. This is further followed by the formation of bearish histograms on the chart.

The RSI is following a bearish cycle and has been consistently trading below the 50 level. It has also slipped below the 14-day SMA, which shows the dominance of sellers in the market.

Summary

Akash Network’s $AKT token is in a strong downtrend, breaking below crucial support levels with declining trading volume and market cap.

Technical indicators like a death cross in moving averages, bearish MACD histograms, and a low RSI signal ongoing seller dominance and further potential declines in AKT’s price.

If the price of AKT continues to decline, we might get to see the support levels of $2.5 and $3.0. Also, the resistance levels for AKT are $4.70 and $5.70.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.