Akash Network surges 20%; AAVE, KASPA eye further upside

As an experienced analyst, I’ve closely monitored the recent price movements and trends of Akash Network (AKT), AAVE, and Kaspa (KAS). Based on my analysis, all three tokens have shown impressive gains in the past week, with Akash Network leading the charge at a notable 20% increase.

The price of Akash Network (AKT) has experienced robust growth, climbing approximately 20% in value during the last seven days, despite volatile market conditions.

The 20-day EMA has been retaken by the token, signaling a possibility for additional price gains. Additionally, AAVE and KASPA have both seen price increases this week.

Akash Network (AKT) rebounds

Based on the graph’s analysis, AKT has bounced back from its $2.80 support level and experienced over a 20% increase in value during the last week. This upward trend is believed to persist, as per industry experts. The token may continue climbing and reach the 50-day moving average threshold.

As a crypto investor, I’ve been closely observing the price action of AKT/USDT, and based on my analysis, it appears that this pair may be following a five-wave pattern. Currently, we’re witnessing what looks like a correction within this larger wave structure. This potential pattern could signal a strong bullish move during the upcoming altcoin season.

At press time, Akash is trading at around the $3.60 mark.

At its core, Akash Network aims to revolutionize cloud computing through the application of blockchain technology, establishing a decentralized, open-source platform where cloud services are bought and sold.

As the decentralized cloud services network grows, the significance of the AKT token in enabling and safeguarding these services becomes increasingly important.

In April, the value of Akash surged by more than 50%, reaching nearly $7. This significant increase occurred following its listing on the South Korean exchange, Upbit. Consequently, Akash’s market capitalization exceeded $1 billion.

Crypto.com introduced on-chain staking for AKT through their app, granting users potential rewards of up to 19%. Moreover, Akash teamed up with Coinbase Prime, providing institutional investors with high-level custody services for AKT and fostering greater institutional interest.

The market value of AKT is approximately $871.91 million, while its trading volume exceeds $21 million in a single day.

Aave up by 18%

Over the last seven days, the price of Aave (AAVE) surged by nearly 18%, jumping from around $79 to above $96. In contrast, the wider cryptocurrency market experienced a drop of approximately 3.8% during the same time frame.

This strong performance underscores Aave’s robust momentum despite the overall market downturn.

Currently, the price of Aave hovers around $94.96 in a flat trend, indicating a lack of clear direction. Potential resistance points can be found at $155.44, while support may be found at both $90.23 and $50.39.

Currently, the technical analysis presents encouraging signs for this year’s market trends. The 50-day moving average (50MA) suggests an upward trend, while the relative strength index (RSI) stands at a neutral level of 69.77. However, the relative volume (RVOL) is on the lower side, and the relative volatility index (RVI) reveals high market instability with an ADX of 22.11, suggesting weak trend momentum.

In the year 2023, Aave rolled out numerous noteworthy advancements. These updates encompassed upgraded lending and borrowing functions, advanced security enhancements, and integration of novel DeFi (Decentralized Finance) protocols. Additionally, the community embraced Seamless, a forked protocol, serving as an alternate decentralized lending platform.

In the first half of this year, the value of AAVE exceeded the $100 mark, and at that point, approximately 17.09% of the total AAVE tokens were held in staked form within wallets. This data signifies increasing acceptance and usage of AAVE.

Based on current market trends and analysis, I anticipate that the price of my crypto investment will continue to grow. The minimum projected price is around $82.11, while the average price is expected to be approximately $187.04. The maximum potential price by year-end could reach as high as $200.33.

Kaspa records 20.5% gain

In the last week, the value of Kaspa (KAS) has risen by over 20%, moving above the important resistance point of $0.15. This recent price trend has taken the shape of a “falling wedge” formation, and there is notable support at around $0.123.

Based on technical analysis, a move above the supporting trendline may indicate an opportunity for Kaspa to revisit previous resistance areas, reflecting enhanced market optimism.

Based on technical analysis, the 50-day moving average (50MA) signifies a possible upward trend with the 50MA line sitting above the current price. Meanwhile, the relative strength index (RSI) is reading 75.2, implying an overbought condition that may lead to a price correction. The average directional index (ADX) at 35.7 suggests robust trend momentum, while the relative volatility index (RVI) with a value of 68.4 indicates moderate market volatility. Multiple elements contribute to Kaspa’s potential for growth.

As a network analyst, I can tell you that an imminent update for Rust is predicted to bring about improved network efficiency and enhanced compatibility, making Kaspa more alluring for potential users. Additionally, the escalating hash rate serves as a testament to the growing network security and heightened miner involvement, instilling greater trust in the project among its community.

Currently, Kaspa (KAS) is priced at $0.18 during this writing session, and its trading volume for the past 24 hours has exceeded $47.2 million.

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2024-06-29 19:00