Akash Network sees a 20 surge AAVE and KASPA poised for additional gains
Akash Network (AKT) has demonstrated impressive price performance, with a notable 20% surge in the past week, despite the volatile market conditions. The token has successfully surpassed its 20-day exponential moving average (EMA), indicating the potential for further upward movement. AAVE and KASPA have also experienced gains this week.
Akash Network (AKT) makes a comeback
Upon analyzing the charts, it is evident that AKT has rebounded from its support level at $2.80 and has experienced a surge of more than 20% in the past week, suggesting a bullish trend that is likely to continue. Analysts believe that the token may extend its gains towards the 50-day EMA.
Price analysis reveals a possible five-wave pattern on the AKT/USDT chart, with the current movement viewed as a correction within a broader wave structure. This pattern could pave the way for a significant upward movement during the upcoming altcoin season.
As of now, Akash is trading at around the $3.60 mark.
From a fundamental perspective, Akash Network is focused on revolutionizing 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. This propelled its market capitalization above $1 billion.
Furthermore, Crypto.com has introduced on-chain staking for AKT through their app, offering users rewards of up to 19%. Additionally, Akash has partnered with Coinbase Prime to provide institutional-grade custody services for AKT, aiming to increase institutional involvement.
Currently, AKT has a market capitalization of $871.91 million and a 24-hour trading volume exceeding $21 million.
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Aave experiences an 18% surge
Over the past week, Aave (AAVE) has seen a significant increase of 18%. It has risen from approximately $79 to over $96, outperforming the broader cryptocurrency market, which has declined by 3.8% during the same period.
This strong performance highlights Aave’s robust momentum despite the overall market downturn.
Currently, Aave is trading at around $94.96 in a horizontal channel pattern. This suggests a sideways trend, with potential resistance levels at $155.44 and support at $90.23 and $50.39.
Meanwhile, technical indicators for this year show promising signs: the 50-day moving average (50MA) indicates an uptrend, the relative strength index (RSI) is neutral at 69.77, and although relative volume (RVOL) is low, the relative volatility index (RVI) indicates high market volatility with an ADX of 22.11, signaling weak trend momentum.
Throughout 2023, Aave has introduced significant updates, including enhanced lending and borrowing features, improved security measures, and the integration of new DeFi protocols. The community has also endorsed Seamless, a protocol fork that offers an alternative decentralized lending solution.
Earlier this year, AAVE surpassed $100, and by June, wallets holding staked AAVE accounted for 17.09% of the token’s supply, indicating growing adoption.
Analysts predict continued growth, 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.
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Kaspa records a 20.5% gain
In the past week, Kaspa (KAS) has experienced a surge of more than 20%, currently 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 suggests that breakthroughs above the lower trendline could indicate a potential retest of higher resistance levels, signaling 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, while the relative volatility index (RVI) at 68.4 shows moderate volatility within the market. Several factors contribute to Kaspa’s potential growth.
An upcoming Rust upgrade is expected to enhance network efficiency and compatibility, making Kaspa more appealing. The increasing hash rate also indicates stronger network security and greater miner engagement, instilling confidence in the project.
At the time of writing, Kaspa (KAS) is trading at $0.18, with a 24-hour trading volume surpassing $47.2 million.
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