Akash Network Records $1 Million Inflow As Price Soars 22%

7월 7일

Akash Network Records $1 Million Inflow As Price Soars 22%
The Open Interest has surged by almost 100%, rising from $1.06 Million to $2.04 Million.
AKT price noted a rise of over 72% in the last three sessions indicating a sharp comeback from the lows.

Akash Network Price has noted a comeback rising over 22% after retracing the demand zone. Earlier, the price suffered the impact of broader market's bearish cues and crashed from the $4 level.

The recent comeback by the bulls validated the $2.65 support zone as the price bounced back after retracing it. Moreover, the Open interest has surged by a significant value indicating a buyers comeback.

However, the price still suffers below the key exponential moving average of 50 day and 200 day indicating a bearish trend prevailing on the charts. Let's analyze the further trajectory of the crypto for the upcoming weeks analyzing all these metrics.
Akash Network: Significant Growth In Open Interest
Akash Network saw a significant decline in its value in mid May to mid June. In the same period the Open Interest plummeted from $2.35 Million to a low of $1 Million. However, the recent open interest curve has taken a positive shift which helped the AKT price recover to some extent.

The Open interests have surged by nearly 100% to $2 Million at the moment. The significant surge in the number of outstanding contracts or positions held by the investors suggests an increased market activity or a positive shift in the sentiments.

Meanwhile, the transaction volume has noted a growth of over 10% today highlighting an increased demand. The live market cap stands at $858.2 Million at the moment.
Akash Network Investors Are Skeptical
The recent sessions have observed a price movement in a range formed by $2.65 as support and $3.8 level as resistance indicating a skeptical mood of the Investors. However, a decline followed by a consolidation indicates the waning interest of the sellers.

Now, until the Akash Network price is maintained in the range formed, it may continue to show a sideways and indecisive trend. The breakout above the $3.8 level or a breakdown below the $2.65 level may indicate a clear trend.

At the current moment, the price hovers below the key 50 and 200 day exponential moving average. The bulls need to surpass the recent hurdle of 50 and 200 days in order to make a bullish reversal.
What’s Ahead For Akash Network?
Akash Network price has rebounded by over 22%, signaling a potential recovery in the recent sessions. Open Interests have doubled to $2 Million, reflecting a positive market sentiment and increased activity.

Currently, AKT price fluctuates between $2.65 support and $3.8 resistance, showing a skeptical mood of investors. A breakout above $3.8 or a breakdown below $2.65 may clarify the trend. The market awaits a decisive move from the bulls to confirm a trend reversal.