Akash Network

Date: Mon, Nov 18, 2024, 09:51 AM GMTThe cryptocurrency market continues its bullish momentum, and one of the standout performers today is Akash Network (AKT). Known for its decentralized compute marketplace, Akash Network has surged by an impressive 21% in the last hour, reaching $4.16 and crossing a significant milestone of $1 billion in market capitalization.This remarkable growth has been fueled by the announcement of <a href="https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-margined-banusdt-and-aktusdt-perpetual-contracts-with-up-to-75x-leverage-f6577bdd30d542e0af4f76a14dfeb241?hl&#61;en" rel="noopener noreferrer nofollow">Binance Futures</a> support for $AKT and a key breakout, adding to the token&#39;s momentum.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/88857cd71ba7431f9836f4b069be242a.png" />Source: Coinmarketcap<h3 id="key-breakout-leads-the-rally">Key Breakout Leads the Rally</h3>The today&#39;s rally in Akash Network (AKT) can be attributed to a key breakout above the $3.84 resistance level [B], propelling the token to a high of $4.25.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cb8fc56826a54755a59470cb95574414.png" />The bullish momentum for <a href="https://coinsprobe.com/top-depin-tokens-btt-akt-and-aioz-gains-bullish-momentum-following-major-breakouts-is-the-rally-started/" rel="noopener noreferrer nofollow">AKT </a>began earlier this month, following a decisive breakout from its descending trendline at $2.31 on November 5. This trendline breakout marked the beginning of AKT&#39;s upward trajectory, and today&#39;s surge confirms the continuation of this bullish momentum.<h3 id="are-more-gains-ahead">Are More Gains Ahead?</h3>With AKT breaking past $3.84, two potential scenarios could unfold in the coming hours:<ol><li>Direct Upside Continuation:If buying momentum remains strong, AKT could head straight for its next resistance levels at $4.72 and $5.72. These levels represent logical targets for bulls looking to capitalize on the current momentum.</li><li>Retest Before Resumption:Given that AKT has already rallied over 20% following its resistance breakout, a short-term pullback could occur. This would involve a retest of the $3.84 level, which has now flipped into support. If this level holds, it could provide a solid base for the next leg up toward $5.72.</li></ol><h3 id="conclusion">Conclusion</h3>Akash Network’s recent rally underscores growing interest in decentralized infrastructure tokens, especially amidst a broader market uptrend. As AKT consolidates its position above $3.84, it remains poised for further gains. However, traders should monitor potential pullbacks for opportunities to enter the market before the next bullish wave.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions in the cryptocurrency market.Also Read: <a href="https://coinsprobe.com/top-ai-token-render-gains-momentum-following-key-breakout-whats-ahead/" rel="noopener noreferrer nofollow">Top AI Token RENDER Gains Momentum Following Key Breakout: What’s Ahead?</a>

Top DePIN Token Akash Network (AKT) Soars Following Key Breakout: Are More Gains Ahead?

Table of Contents

CoinsProbe

Other articles published on Nov 18, 2024

Hedera and VeChain Signal Bullish Breakouts in Altcoin Rally

Robinhood, Kraken, and Other Crypto Firms Launch Global Stablecoin Network

Is social media hate real?

Red weekend: Bitcoin posted biggest two-day retreat since the US election

Benjamin Cowen Predicts Cardano’s Decline Against Bitcoin by Year-End

Bitcoin Traders Anticipate Movement Towards $100,000

Join our free newsletter for daily crypto updates!