Akash Network (AKT) has shown strong price performance over the past week, with a notable 20% increase amidst wide market volatility.
The token successfully recovered its 20-day exponential moving average (EMA), indicating further upside potential. AAVE and KASPA also came in green this week.
Akash Network (AKT) rebounds
Looking at the chart, AKT has bounced off the $2.80 support level and has surged more than 20% in the past week, suggesting that the bullish trend is likely to continue. Analysts observe that the token could potentially extend its upside to the 50-day EMA mark.
Price analysis suggests a possible five-wave pattern on the AKT/USDT chart, with the current move appearing to be a correction within the broader wave structure. This pattern could pave the way for a significant upside during the upcoming altcoin season.
At press time, Akash is trading at around $3.60.
Fundamentally, Akash Network is focused on leading the transformation of cloud computing by leveraging blockchain technology to create a decentralized open source marketplace for cloud services.
As the ecosystem expands, AKT tokens are expected to play an important role in facilitating and securing these decentralized cloud services.
Last April, Akash surged more than 50% to nearly $7 after being listed on South Korean exchange Upbit. As a result, the market capitalization exceeded $1 billion.
Additionally, Crypto.com introduced on-chain staking for AKT through its app, offering users up to 19% rewards. Akash also partnered with Coinbase Prime to provide institutional-grade custody services for AKT, with the goal of increasing institutional participation.
AKT’s market capitalization is $871.91 million and its 24-hour trading volume is over $21 million.
Aave up 18%
Aave (AAVE) has surged 18% in the past week. This outperforms the broader cryptocurrency market, which has risen from around $79 to over $96, down 3.8% over the same period.
This strong performance highlights Aave’s strong momentum despite the overall market downturn.
Aave is currently trading around $94.96 in a horizontal channel pattern, indicating a sideways trend with potential resistance levels at $155.44 and support levels at $90.23 and $50.39.
Meanwhile, this year’s technical indicators are showing positive signs. The 50-day moving average (50MA) indicates an upward trend, the relative strength index (RSI) is neutral at 69.77, and relative volume (RVOL) is low, but the relative volatility index (RSI) is low. (RVI) has an ADX of 22.11, indicating high market volatility and weak trend momentum.
Throughout 2023, Aave is introducing significant updates, including improved lending and borrowing features, improved security measures, and integration of new DeFi protocols. The community also supported Seamless, a protocol fork that offers an alternative decentralized lending solution.
Earlier this year, AAVE surpassed $100, and AAVE holding wallets held 17.09% of the token supply as of June, indicating growing adoption.
Analysts expect continued growth, with prices expected to range from a low of $82.11 to an average of $187.04 by the end of the year, with a potential high of $200.33.
Kaspar, up 20.5%
Kaspa (KAS) has surged more than 20% in the past week and is now trading above critical resistance at $0.15. Recent price action has formed a “descending wedge” pattern with significant support at around $0.123.
According to technical analysis, a break of the lower trend line could signal a retest of higher resistance levels, indicating improved market sentiment for Kaspa.
According to technical indicators, the 50-day moving average (50MA) is above the current price, suggesting a potential uptrend. The Relative Strength Index (RSI) is currently in an overbought zone at 75.2, suggesting a potential pullback in the price. The Average Directional Index (ADX) of 35.7 indicates strong trend momentum, while the Relative Volatility Index (RVI) of 68.4 shows moderate volatility within the market. Several factors are driving Kaspa’s potential growth.
The upcoming Rust upgrade is expected to make Kaspa more attractive by improving network efficiency and compatibility. The increased hash rate means better network security and increased miner participation, which increases trust in the project.
At the time of writing, Kaspa (KAS) is trading at $0.18 and has a 24-hour volume of over $47.2 million.