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- 1 Akash Network jumped 23.1% in the last two sessions, indicating an improvement in the sentiments.
- 2 Bulls are attempting to reclaim their territory which they lost during the recent price crash.
- 3 Moreover, the long term trend is bearish, and it might turn out as a sell-on-rise opportunity for the bears.
The broader market showed the losses extending further this week. Major players like Bitcoin and Ethereum incurred losses in the range of 5-6% this week, taking the total loss to over 10% this month.
While the broader market continued to weaken, few cryptocurrencies were stabilizing near the lows and attempted a rebound to make a bullish reversal. Akash Network, which was declining last week, gained strength near the lows.
However, the price is yet to reenter the bullish territory which means there is a sell on rise opportunity for the bears while the bulls will face the risk of losing gains. All in all the crypto was hovering in a deciding zone.
AKT Crypto Volume and Volatility Analysis
Akash Network crypto witnessed a notable rise in the last couple of sessions after rising from the bottom. At the time of writing, the crypto was exchanging hands at around $3.59, recording an impressive 9.51% rise intraday.
Moreover, the crypto jumped over nearly 22% in the last couple of sessions and reclaimed its position in the top 100. It now ranks 77th with a live market capitalization of $884.01 Million. The volume to market cap ratio rose over 10.65%, indicating mild volatility in the crypto.
The transaction volume shows an impressive growth of 110.8% intraday, indicating heightened demand. The daily transaction volume had reached $94.68 Million. Also, it had a circulating supply of 242.10 million AKT tokens against a total supply of 388.5 Million tokens at press time.
Can Bears Make a Comeback Again?
The recent momentum in the price could drag the bears on the backfoot after a rise of over 20% in the last couple of sessions. However, the price is hovering in bearish territory which adds the risk of a comeback by the bears.
Now, if the price resumes with the same momentum it could escape the bearish territory above the $3.87 level. However, if AKT loses steam at the supply zone of $3.87, bears might see it as another signal to sell.
At press time, AKT price was hovering below the 200 and 50 day EMAs, suggesting a bearish outlook in the long term. However, the short term trend was improving as the price surpassed the 20 day EMA.
What’s Ahead for Akash Network!
Akash Network has shown a remarkable recovery in recent sessions after taking a rebound from the lows. The bulls are attempting for a recovery after stabilizing near the $2.75 level which highlights the possibility of a bullish reversal.
The long term trend favors the bearish side with the price hovering below the key 50 and 200 day EMAs. The EMAs may act as dynamic resistance levels and the price may suffer losses again.
Furthermore, the price rise is backed by momentum and a massive 110% rise in the transaction volume which adds confirmation to an improving sentiment. The price also surpassed the 20 day EMA indicating a bullish scenario in the short term.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
