AKT surges 35% on Binance perpetual listing

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As a researcher with extensive experience in the cryptocurrency market, I find the recent surge of Akash Network’s AKT token quite intriguing. The 35% price increase and the subsequent entry into the top 100 cryptocurrencies by market cap is a testament to the growing interest in decentralized cloud computing solutions.

After being permanently listed on Binance Futures, AKT has climbed up the ranks, becoming one of the top performers among the top 100 cryptocurrencies.

On November 19, the native currency of Akash Network surged by 35%, reaching a six-month peak of $4.66. This increase in value elevated its market capitalization above $1 billion at the time of writing. As a result, this cryptocurrency regained its place among the top 100 digital currencies by market cap, holding the 99th position.

As an analyst, I observed a significant surge in the trading volume of Akash (AKT), which spiked approximately 2500% within the last 24 hours, reaching a staggering figure of around $368.1 million.

Why is AKT price up?

After Binance Futures announced that they would be adding AI-centric altcoin AKT to their listings via the AKTUSDT Perpetual Contract, the price of AKT saw a significant increase. This contract enables traders on the platform to engage in AKT trades with up to 75 times the leverage, making it an attractive option for those aiming for higher profits through leveraged trading.

One significant reason for AKT’s surge in value is the widespread speculation that Trump might abolish capital gains taxes on cryptocurrencies issued by American companies. If this were to happen, altcoins like Akash Network’s AKT – being a U.S.-based cryptocurrency – could potentially gain from such a move.

Akash Network AKT

— ElonTrades (@ElonTrades) November 19, 2024

Akash Network aims to revolutionize cloud computing by utilizing blockchain technology to establish a decentralized, open-source marketplace for various cloud services. Over time, the AKT token is anticipated to be crucial in supporting and safeguarding these decentralized cloud functions as the network expands.

In April, Akash experienced a significant increase of approximately 48% in value, climbing close to $7. This boost was mainly due to its addition to the South Korean exchange, Upbit. As a result, its total market value surpassed the $1 billion mark.

Correction due

Although the local community near border AKT was elated by the recent progress, one expert warned that a reversal might be on the horizon.

According to an analysis made by TraderSteve_ on November 19th, the cryptocurrency AKT could experience selling pressure when it reaches the price point of approximately $4.732. This level has proven to be a barrier for AKT during two previous attempts in June this year where it failed to break through.

Despite some current doubts, the analyst maintained a positive outlook about the altcoin’s future value, predicting it could potentially reach up to $28 in the long run.

Based on the 1-day AKT/USDT price chart, the value of AKT was found to be above the upper Bollinger Band, suggesting that the asset is presently in an overbought state. The Relative Strength Index also endorsed this overbought condition by showing a reading of 76.

Based on current trends, it appears that AKT could experience a short-term price correction prior to further advancement, with the middle Bollinger Band currently at $2.828 acting as a potential immediate support point.

Despite the recent price rally, AKT is still down by 47.7% from its all-time high of $8.07.

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2024-11-19 12:23