Akash Network experiences a 20 surge while Aave sets sights on additional gains
Akash Network (AKT) has displayed impressive gains, with a remarkable 20% increase in the past week, despite widespread market volatility. The token has successfully surpassed the 20-day exponential moving average (EMA), suggesting the potential for further upward movement, and both AAVE and KASPA have also experienced positive trends this week.
In terms of charts, AKT has rebounded from its support level at $2.80 and has surged by over 20% in the past week, indicating a bullish trend that is likely to continue. Analysts have observed that the token has the potential to extend its gains towards the 50-day EMA mark. Price analysis has revealed a possible five-wave pattern on the AKT/USDT chart, with the current movement seen as a correction within a broader wave structure. This pattern could pave the way for a significant upward move during the upcoming altcoin season. At present, Akash is trading at approximately $3.60.
Fundamentally, Akash Network is focused on leading a transformation in cloud computing by utilizing blockchain technology to establish a decentralized, open-source marketplace for cloud services. As the ecosystem expands, the AKT token is expected to play a crucial role in facilitating and securing these decentralized cloud services. In April, Akash experienced a significant surge of over 50% after being listed on the South Korean exchange Upbit, pushing its market cap to over $1 billion. Additionally, Crypto.com introduced on-chain staking for AKT via their app, offering users rewards of up to 19%. Furthermore, Akash partnered with Coinbase Prime to offer institutional-grade custody services for AKT, aiming to increase institutional involvement. AKT currently has a market capitalization of $871.91 million and a 24-hour trading volume of over $21 million.
Aave (AAVE) has seen an 18% spike in the past week, outpacing the broader cryptocurrency market, which has declined by 3.8% over the same period. Despite the overall market downturn, Aave has demonstrated robust momentum. It is currently trading at around $94.96 in a horizontal channel pattern, indicating a sideways trend with potential resistance levels at $155.44 and support at $90.23 and $50.39. Technical indicators for this year show promising signs, with a potential uptrend suggested by the 50-day moving average (50MA), neutral relative strength index (RSI) at 69.77, and high market volatility indicated by the relative volatility index (RVI) with an ADX of 22.11. Throughout 2023, Aave introduced significant updates, including enhanced lending and borrowing features, improved security measures, and the integration of new DeFi protocols. The community also endorsed Seamless, a protocol fork to provide an alternative decentralized lending solution. AAVE is expected to continue growing, with analysts forecasting a price range from a minimum of $82.11 to an average of $187.04, potentially reaching a maximum of $200.33 by year-end.
Kaspa (KAS) has surged by more than 20% in the past week, now trading above the critical resistance level of $0.15. The recent price movement has formed a “falling wedge” pattern, with significant support identified around $0.123. Technical analysis shows that breakthroughs above the lower trendline could signal a potential retest of higher resistance levels, indicating improved market sentiment for Kaspa. As per technical indicators, the 50-day moving average (50MA) suggests a potential uptrend, positioned above the current price; the relative strength index (RSI) is currently in the overbought zone at 75.2, hinting at a potential pullback in the price; the average directional index (ADX) at 35.7 indicates strong trend momentum; and the relative volatility index (RVI) at 68.4 shows moderate volatility within the market. An upcoming Rust upgrade is expected to enhance network efficiency and compatibility, making Kaspa more attractive. The increasing hash rate also indicates stronger network security and greater miner engagement, bolstering confidence in the project. At the time of writing, Kaspa (KAS) is trading at $0.18, with a 24-hour trading volume of over $47.2 million.
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