The Akash Network Price has soared nearly 30% higher from July 5th onwards on the daily chart. The broader market started showing a bullish presence in correlation to BTC after July 5th.
In the intraday session, the AKT market cap increased 7.85%, a whopping $843.558 Million. It has ranked 74th in the top 100 coins, according to CoinMarketCap ranking at press time.
Derivatives Volume & OI Witnessed Surge
The open interest in derivatives has surged 44.70%, with a total OI amounting to $1.54 million. It means that more contracts are opened in the market of AKT derivatives.
Similarly, the derivatives volume has also witnessed a massive 92.89% increase, amounting to $2.78 Million.
When writing, AKT’s 24-hour trading volume on all major platforms has reached $23.60 Million, with a 46.02% increase. The liquidity could be a point of concern, as it could show less stable markets. The ratio between volume and market cap stood at 2.80% in 24 hours.
Furthermore, its volatility stands at 8.35%, which predicts higher chances of uncertain fluctuations in AKT. The FDV has declined 16.4% in the past 30 days, which resulted in $1.30 Billion. Meanwhile, AKT’s market cap dominance is 0.04% in the global crypto verse.
Overall, per its tokenomics, out of its 244.084 Million AKT max supply, 62.30% quantity floats in the people’s hands. Besides, its maximum supply has been limited to $388.53 Million AKT.
What Does the AKT Price Structure Highlight in the Daily Time Frame?
The AKT/USD on Coinbase opened at $5.50 on March 19th, 2024. The current price has traded nearly 37% down, and from the peak generated of $6.90 on April 23rd, AKT traded nearly 50% down.
While it attained its lowest on the chart on June 18th, 2024, at $2.434, and from this low, the AKT has traded nearly 35% higher.
Looking at a broader picture, it represents a bullish pattern breakout, precisely the falling wedge pattern. A breakout popped out on June 28th, 2024, and rose briefly until $3.95. This brief upward journey got a break as BTC slipped fast, and by July 5th, the price dipped back to $2.45.
The BTC, the broader market, and AKT sustained from there. However, due to the lack of liquidity present, the price trades beneath the 50-day EMA, acting as one of the dynamic interactions flowing with a price.
However, some bulls’ presence was observed on the chart, and the MACD had a bullish cross. The RSI stands top of 14-SMA at 49.30. Thus, the indicator signified slight bullishness with low liquidity, keeping the asset in a sideways range.
AKT Price Sypnosis
AKT price has surged 30% since July 5th, but it faced roadblocks. Despite rising volume, low liquidity (2.8% volume/market cap) is a concern.
Price traded below the 50-day average despite bullish technical indicators. AKT may struggle to sustain gains without an increase in liquidity.
