- The company’s trading volume increased by 573% due to the integration of Akash Network and NVIDIA product Brev.
- AKT has surged 20.18% over the last 7 days.
On August 23, all cryptocurrencies experienced a strong bullish trend. Since then, the market has become volatile, with investors hoping that external forces will influence another bullish trend.
Even amidst these market volatility, Akash Network has shown strong uptrend.
The price volatility has everyone wondering what is driving the rally in AI-themed altcoins.
Akash Network Integrated into NVIDIA’s Brev
According to a report from NVIDIA’s head of technology development, Nader Khalil, the AI company has integrated Akash into its new product, Brev.
AKT is now well positioned to benefit from the AI boom, as it has a direct correlation with NVIDIA products.
Likewise, Akash Network is at the intersection of AI and blockchain technology as it is a decentralized blockchain-based computing network.
Dominant market sentiment
Source: Market Prophit
In addition to the NVIDIA integration, AKT enjoys high market favorability, with investors showing a very positive outlook. According to Market Prophit analysis by AMBCrypto, this altcoin enjoys positive market sentiment.
At the time of writing, AKT had a crowd sentiment of 0.059, a buzz score of 1.06, and a crowd Z-score of 0.04, suggesting that investors are confident in the direction of this altcoin.
What the AKT price chart shows
AKT has shown a moderate recovery on the price chart. At the time of writing, the AI-themed altcoin was trading at $3.03, up 11.8% in the last 24 hours. The volume increased by 573.17% in 24 hours, reaching $55.5 million.
Prior to this surge, the cryptocurrency had been experiencing a sustained price rally, up 20.18% over the past seven days. Since hitting a low of $1.80 during the market crash on August 5, AKT has gained 68.33%.
Despite the recent uptrend, the price of the altcoin remains relatively low compared to its all-time high of $3.77 last month, down 63.7% from its ATH of $8.7.
Therefore, it is important to determine whether the recent increase is long-term or simply a market correction.
Source: TradingView
Looking at the altcoin’s Directional Movement Index (DMI), the positive index of 35.75 is above the negative index of 16.59, which suggests that ATK is experiencing a strong uptrend with recent highs outpacing recent lows.
This trend is further supported by the Aroon lines. At the time of writing, Aroon Up is 92.86%, compared to Aroon Down at 42.8%.
Source: Coinglass
Looking more closely, AKT’s OI-weighted funding ratio has been positive over the past two weeks.
This shows that there is increased demand for long positions, with investors willing to pay a premium for their positions, indicating bullish market sentiment.
Source: Santiment
Additionally, demand for long positions was further supported by positive funding rates reported by the exchange, reflecting investors’ confidence in the AKT price rally and its overall future potential.
Read Akash Network (AKT) price prediction for 2024-2025
So after consolidating just above $2.70, the price of Akash Network Coin has surged past $3. The $2.70 level has proven to be a significant support level over the past few weeks.
Therefore, if the current market sentiment holds, ATK may break out of the $3.4 resistance level and reach the $3.8 resistance level.