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Akash Network’s price has surged 45% in the past 24 hours, trading at $6 as of 4 a.m. ET, with trading volume soaring 2,043% to $84.9 million.
Akash Network’s native cryptocurrency, AKT, initially surged more than 50% to $6.8. In the process, the token converted key historical resistance at $6 into a strong support level that is currently preventing a correction.
The price surge came after the project announced its first full-day Akash summit, Akash Accelerate ’24. The summit will “bring the entire community together for an agenda packed with presentations and panels from some of the brightest minds in the decentralized AI space.”
This event will be held in Austin, Texas on May 28th.
Get ready for Akash Accelerate ’24.
This will be the first full-day Akash Summit, bringing the entire community together for an agenda of presentations and panels from some of the brightest minds in the decentralized AI space.
Date: May 28, 2024 (earlier) @consensus2024)
where:… pic.twitter.com/Uu05PYlgxu— Akash Network (@akashnet_) April 22, 2024
Apart from that, Akash Network has seen a lot of activity over the past month. On March 18, the project announced that AKT would begin trading on Coinbase. Meanwhile, last week Akash confirmed the new deployment of Llama 3 70B on its network, calling it “the most capable public AI model.”
AKT price prediction
Akash Network’s price surge occurred without warning, with the token soaring from $4.0082 to $6.8203 within 30 minutes. The sharp surge led to a price correction and AKT found support at $6. However, such a rapid price surge could cause a correction to break this support and send the token plummeting to its previous levels.
To find out what will happen next, traders are looking for technical indicators and similar signals that can provide insight into where the AKT price will go from here.
For example, the token’s Relative Strength Index (RSI) value soared deep into overbought territory, reaching a value of 97.77, a very rare sight even in the cryptocurrency industry.
However, since then its value has plummeted to 72.95, the level it is at at the time of this writing.
The RSI values suggest that traders are taking profits, but the Bollinger Bands of the project are still very wide, which is a bullish sign. Of course, the number of bands may start to dwindle in the coming hours.
As mentioned, sharp spikes are usually followed by equally sharp corrections. This means that the price of AKT may break through the support of $6 at some point during the day, which could cause the price to fall to the support of $5 or even back to $1. $4 was the starting point.
However, it is possible that traders could buy into the decline that AKT has already seen, pushing the price back up or at least holding it above $6.
Currently, the price of AKT is still uncertain, so anyone looking to work with this altcoin should be very careful and do as much research as possible before making a move.
A promising alternative to the Akash network
Despite Akash Network’s massive gains over the past 24 hours, there is one project that is believed to have much more potential. One of them is 5th Scape (5SCAPE), which has already raised $5.48 million in pre-sales.
This is an AR/VR ecosystem that aims to be the gateway to the next innovation within the decade. That said, the project believes that virtual reality and augmented reality have enormous potential to revolutionize entire specific fields, including education, gaming, and entertainment.
5th Scape offers a hyper-realistic VR world while also affirming the potential of virtual worlds to push or completely remove the boundaries that exist in the real world.
For example, a game can offer immersive sports, high-speed racing, adrenaline-pumping combat, etc., all of which already have large waiting lists full of interested users.
However, to achieve all of this, the project must first complete a pre-sale, offering its current token, 5SCAPE, for $0.00327. The pre-sale is in phase 5, in the next phase the token price will increase by 14.98% to $0.00376.
When the pre-sale ends, the token price will reach $0.01, which means it will be more than 205% higher than it is today.
interesting update #5th scenery! The first game, Cage Conquest, is scheduled for release in the second quarter as planned. Our team is actively working to sign up for the metastore for beta testing🛠️ with the goal of gathering important feedback for an improved experience. Get ready for an epic… pic.twitter.com/lgUIod5vCj
— 5th Scape (@5th_scape) April 22, 2024
This means that now if you purchase a token, you will earn profits until the token is listed. You can buy 5SCAPE with ETH, MATIC, USDT, BNB or bank cards.
Visit the 5SCAPE official website.
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