Akash Network’s AKT Crypto Skyrockets 46%, Reaches All-Time High

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In the rather calm sea of altcoin markets, the Akash Network (AKT) made waves today. Rising from relative obscurity, AKT has surfaced as the day’s champion performer among the top 100 cryptocurrencies. A remarkable price jump of 46% over the last 24 hours has led AKT to steal the limelight, leaving behind its fellow crypto contenders like Core (CORE) and Arweave (AR), which mustered comparatively modest gains of 7% and 6%, respectively.

At the time of penning down this report, AKT is trading at a value of $6.03. With this notable jump in price, the market cap of AKT has edged upwards to a substantial $1.4 billion, thus earning it 68th place among the global cryptocurrencies. Additionally, the Akash Network’s trading volume has skyrocketed by a dramatic 2,790%, culminating at $116 million today.

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The new dawn of the day saw AKT reaching an all-time high of $6.84 on the renowned cryptocurrency exchange, Kraken. Since then, the coin has stabilized somewhat, currently trading at around $6.03, a touch under its previous record of $6.49.

Diving deeper into the reasoning behind the Akash Network surge, it seems the winds of fortune blew with the official announcement from Upbit. The South Korean crypto exchange powerhouse confirmed plans to list AKT, further sweetening the deal with trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) from 10:00 UTC today.

Adding to the fuel of investor attraction, data from the Santiment, a leading market intelligence platform, reveals that the Akash Network’s presence on social media has ballooned by 200% in the last 24 hours. The social media boom, mainly spotted on Reddit and Bitcointalk, significantly contributed to AKT’s market dominance.

Peering into the crystal ball of future price trajectory, should AKT record a daily close above the earlier all-time high of $6.49 (achieved on March 11, 2024) today, the coin could be aiming for the $7.46 mark. This figure corresponds to the 1.272 Fibonacci extension of the overarching price movement. Buyer persistence might push the price towards a promising $8.64, denoted by the 1.618 Fibonacci extension. Traders should brace themselves for prospective profit-taking at this stage.

A climactic surge past this point could lay the groundwork for medium-term targets at $10.92 and potentially $12.13, both contingent on continued bullish sentiment across the wider crypto circle. However, should AKT falter in maintaining its newfound highs and shuts below $6.48, a downward correction towards the $5.74 domain might be in the offing.

The flight path of AKT, reflective of many cryptocurrencies, will likely be swayed by broader market conditions. Macro factors such as impending US inflation, the Personal Consumption Expenditures Price Index (PCE) due for release on Friday, April 26, and other key economic indicators will play a crucial role. But notwithstanding these external factors, the 200-day exponential moving average (EMA) currently at $3.24, stays unchallenged as the most vital long-term support level for AKT.