Author：Token Analyst

As of 4am Eastern Time, Akash network prices have risen by 45% in the past 24 hours, with a trading price of $6 and a surge of 2043% in trading volume to $84.9 million.

Akash Network's native cryptocurrency AKT initially surged by over 50% to $6.8. Along the way, the token has successfully transformed its main historical resistance level of $6 into a strong support level currently preventing its correction.

After the announcement of the upcoming Akash Accelerate '24, prices skyrocketed, marking its first all day Akash summit, which will bring the entire community together to deliver speeches and group discussion agendas from the smartest people in the decentralized AI field.

In addition, Akash Network has undergone many activities in the past month. On March 18th, the project announced that AKT would begin trading on Coinbase. Meanwhile, just last week, Akash deployed Llama 370B on its network and referred to it as the "most powerful open artificial intelligence model".

AKT price forecast

The price of Akash Network skyrocketed without warning, with its tokens soaring from $4.0082 to $6.8203 in less than 30 minutes. The rapid rise led to price adjustments, causing AKT to reach a support level of $6. However, as prices soar so rapidly, adjustments may break this support and spiral the token down to its previous levels.

In order to try to understand what will happen next, traders are looking for technical indicators and similar signals that can provide insight into the possible direction of AKT prices.

For example, the relative strength index (RSI) value of the token soared to the overbought area, reaching 97.77, which is a very rare sight even in the cryptocurrency industry.

However, since then, the value has spiraled down to 72.95, which is the value at the time of writing this article.

Although the RSI value indicates that traders are taking profits, the Bollinger Bands of this project are still very broad, which is a bullish signal. Of course, the scope may start to shrink in the next few hours.

As mentioned earlier, a sharp rise usually leads to an equally sharp pullback, which means that AKT prices may break through the support level of $6 at some point in the day, which could cause their prices to drop to the support level of $5, or even return to the support level of $5 at $4, which is its starting point.

However, traders may also buy into the decline that AKT has already experienced, thereby pushing up its price, or at least keeping it above $6.

At present, the price of AKT is still uncertain, so anyone who wants to use this counterfeit coin should be very cautious and conduct as much research as possible before taking action.