Upbit listing drives Akash Network (AKT) to a remarkable 48% surge
Akash Network’s native token, AKT, has experienced a significant increase in value following the announcement that it will be listed on South Korea’s top exchange. In the past 24 hours, AKT has surged by 48% and is currently trading at $6.03. This surge has propelled the asset’s market cap to $1.4 billion, making it the 65th-largest cryptocurrency. Additionally, Akash Network has seen a remarkable spike in its daily trading volume, which has increased by 1,560% and reached $65 million.
Despite this recent price rally, AKT is still down by 23% from its all-time high of $8.08 in April 2021. However, the listing of AKT on Upbit, the leading crypto exchange in South Korea, has contributed to its price surge. Upbit has announced that it will support AKT trading with KRW, BTC, and USDT trading pairs starting from 10:00 UTC on April 23.
The surge in AKT’s price has been accompanied by a significant increase in social volume. According to Santiment, Akash Network’s social volume has risen by 200% in the past 24 hours, with most of the activity originating from Reddit and Bitcointalk. Despite the price rally, the AKT Relative Strength Index (RSI) remains in a favorable condition, increasing from 47 to 49. This indicates that AKT is neither undervalued nor overvalued at the moment.
An RSI above 70 would suggest that AKT is overbought and could lead to high price volatility. Conversely, if the RSI remains below the 50 mark, the asset could experience a steady bullish momentum.
In conclusion, the listing of AKT on Upbit has resulted in a significant increase in its value, with the asset experiencing substantial market growth. As social volume continues to rise, AKT remains in a favorable position, neither overvalued nor undervalued.
