Welcome back to Cheeky Crypto, where we delve into the ever-evolving world of cryptocurrencies. Today, JB will explore Akash Network (AKT), a unique project with the potential to revolutionize the cloud computing landscape.
Coin Market Cap Overview
Akash Network currently ranks 109th by market cap, with a total supply of 388 million tokens and a circulating supply of 57.1%. Its current price stands at $161, making it an attractive investment opportunity for those seeking high-growth potential. Akash is readily available on various exchanges, including Bitget, Coin Kraken, and Gate.io.
Chart Analysis: Riding the Uptrend
Akash has exhibited a recent uptrend, mirroring the overall positive sentiment in the cryptocurrency market. Its current price of $161 suggests the potential for a fifth wave, indicating further upward momentum. JB points to a potential move towards $224. However, the stochastic indicator signals overbought conditions, hinting at a possible correction. A strategic entry point could be considered if the price retraces to around $140.
Potential Downside: Navigating Support Zones
A potential retracement could take Akash’s price to levels between $74 and $64, marked by historical support/resistance areas. Another support zone lies between $46 and $35. In a more extreme scenario, a deeper retracement towards $23 is not out of the realm of possibility. Exercising caution during a potential correction is crucial for risk management.
Long-Term Outlook: A Bullish Perspective
Despite the potential for short-term corrections, the long-term outlook for Akash remains positive. Its bottom is believed to be around $16.55, indicating a remarkable 1,148% price increase from its current level. While a retracement towards $46 to $35 is anticipated, the possibility of surpassing the all-time high of $848 cannot be overlooked.
Viewer Engagement: Sharing Insights and Opinions
We encourage our viewers to share their thoughts on Akash Network in the comments section below. For continued discussions, join our Discord community. We invite you to consider Akash’s impressive gains in comparison to those of Render, another notable project in the cloud computing space.
Thank you for joining us on this journey into the exciting world of Akash Network. We hope you found this analysis informative and insightful. Remember, safe trading practices are essential in the ever-changing cryptocurrency landscape. We wish you all the best in your investment endeavors.