Key Takeaways
- Akash Network (AKT) has increased by 45% this week.
- AKT might have ended a long-term corrective structure.
- Has AKT started a bullish trend reversal to new highs?
Akash Network has been one of the best-performing assets in the crypto market this week, rallying by 45%.
The price rally coincided with positive news from the Akash Network team regarding releasing the new model Qwen3.
The rally has increased optimism that AKT’s correction is over and new highs will occur in 2025. Let’s examine the charts and see if this is likely.
AKT Price Reaches Resistance
The AKT analysis shows that the price fell over 87% since its all-time high of $7.10 in April 2024.
The price accelerated its downward movement after a lower high in December 2024.
AKT fell to a low of $0.85 in April before bouncing and creating three successive bullish weekly candlesticks.
The price is in the process of creating the fourth one and has reached the $1.80 resistance area, a critical level previously providing support.
Technical indicators show some bullish signs but have not confirmed the upward movement yet.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing.
However, the RSI is below 50, while the MACD has not made a bullish cross yet (black circle).
As a result, the weekly time frame analysis does not confirm whether the AKT price will break out.
AKT Correction Over?
The long-term wave count suggests Akash Network has completed an A-B-C structure (red) since the all-time high.
Waves A and C had an exactly 1:1.61 ratio, which is standard in such corrective structures.
The overlap between the recent high and the wave A low (red line) confirms the correction is over and suggests Akash Network’s price has started a new upward movement.
However, the short-term outlook suggests a local top is close.
The six-hour chart reveals that AKT is in wave three of a five-wave upward movement, which may end soon.
The RSI has generated a bearish divergence, indicating a local top is close.
If AKT begins to fall, it could reach the 0.382-0.5 Fibonacci retracement support levels at $1.42-$1.52.
Then, wave five can take the Akash Network price to new highs.
Bullish AKT Trend
This week, the AKT price has paced the crypto market with a 45% rally.
The long-term trend indicates the AKT correction is over, and new highs are likely.
However, the short-term Akash Network price prediction suggests a local top is close, and a retracement could occur soon.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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