Nov 20, 2024

6thTrade

Akash Network’s native token, AKT, has seen a significant rally following Binance’s announcement of perpetual contracts. With multiple analysts highlighting strong technical signals and fundamental growth, the token has posted impressive gains across various timeframes.

Binance Announcement Fuels AKT’s Rally

Binance Futures revealed the launch of AKT perpetual contracts, scheduled for November 18, 2024, at 11:30 UTC.

This announcement acted as a major catalyst for AKT, driving increased trading activity and sparking significant market interest. Analyst Winkle described the Binance listing as “a major win for the Akash Network community,” emphasizing that increased accessibility could continue to support price growth.

Strong Performance Across All Timeframes

AKT’s performance showcases remarkable strength:

  • 24-hour gain: 25%

  • Weekly increase: 38.3%

  • Monthly appreciation: 68.3%

  • Yearly return: 187.6%

The token is currently trading in a range of $3.59 to $4.66, with a weekly low of $2.89 and a high of $4.57. Despite the surge, AKT remains 46.8% below its all-time high of $8.07 from April 2021.

Technical Indicators Point to Bullish Momentum

Analyst Costa’s technical analysis highlights key bullish signals, including:

  • 20-day EMA crossing above the 40-day EMA, signaling upward momentum.

  • The breakout above the critical $3.25 resistance level, supported by strong trading volume.

TraderSteve predicts further upside, suggesting a potential target of $28, though he cautions about possible selling pressure near the $1 billion market cap level.

Robust Fundamental Growth for Akash Network

Beyond technical indicators, the Akash Network has shown impressive fundamental growth:

  • 639 high-end GPUs are currently onboarded, with a utilization rate exceeding 70%, indicating strong demand for decentralized computing resources.

  • Significant trading volume accompanies the recent price action, pointing to genuine market interest rather than speculative activity.

Institutional Access and Long-Term Outlook

The Binance futures listing is a significant milestone, offering institutional investors easier access to AKT trading. This development could attract sophisticated traders and institutional capital, potentially bolstering market stability and driving further price appreciation.

Analysts remain bullish on AKT’s long-term potential, citing a combination of strong fundamentals, technical breakouts, and increasing institutional access. However, consolidation phases are expected as the token approaches key milestones, such as the $1 billion market cap.

AKT Positioned for Continued Growth

With the confluence of Binance’s futures listing, robust network metrics, and technical breakouts, AKT is well-positioned for sustained growth.

While targets as high as $28 are being discussed, investors should monitor potential resistance levels and selling pressure at critical market cap thresholds. The combination of strong fundamentals and technical indicators suggests that AKT has significant room for continued upward movement.