Akash Network (AKT), a relatively unknown altcoin, has made waves in the cryptocurrency market with a remarkable rally of 40%. This surge in value is even more impressive considering the coin’s overall increase of over 1,400% in just one year. The strong performance of AKT showcases its resilience and establishes it as a noteworthy player in the crypto landscape.
The price of AKT began its recovery from the $0.75 level in mid-October 2023, and since then, it has exhibited a strong upward trend. In the past three months alone, the coin has seen a 322% increase in value. At the time of writing, AKT is trading at $3.11, marking an 8% increase in the last 24 hours. In the past week, the coin has experienced an impressive 40.4% increase in value.
Akash Network operates on the Cosmos blockchain and offers a unique approach to cloud services. It is an open-source, decentralized cloud computing platform that enhances price-performance and scalability for decentralized applications and organizations. The platform is built on the Cosmos SDK and utilizes a Proof-of-Stake consensus process and a network of decentralized validators to ensure network integrity. These validators receive commission payments in AKT and play a crucial role in adding new blocks to the blockchain.
The recent jump in AKT’s price coincides with differing opinions on the legitimacy of spot Bitcoin ETFs. Dennis M. Kelleher, CEO of Better Markets, has voiced concerns about potential fraud and manipulation in ETFs and urged the US SEC to reject all proposals. As investors navigate these uncertainties, AKT has seen a surge in price.
Looking at the price analysis, AKT appears to be forming a bullish flag pattern, signaling a continuation of the uptrend. The breakout on January 3rd indicates that the bulls are back in control and the price is likely to resume its upward trajectory. If the uptrend continues, the price could reach a target of $3.60, representing a 16.86% increase from the current price.
It is important to note that trading cryptocurrencies carries risks, and the market is highly volatile. The price of AKT is still below its all-time high, and sudden price swings should be expected. Therefore, it is advisable to conduct thorough research and exercise caution before making any investment decisions.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. Please do your own research before making any investment decisions.