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The Akash Network price jumped by 45% in the last 24 hours to trade at $6 as of 4 a.m. EST on trading volume that skyrocketed by 2,043% to $84.9 million.
Akash Network’s native cryptocurrency, AKT, initially surged by over 50% to $6.8. Along the way, the token managed to turn its major historical resistance at $6 into a strong support level that is currently holding it from correcting.
The price surge came after the project announced the upcoming Akash Accelerate ‘24, its first full-day Akash summit, which will bring “the entire community together for a packed agenda of presentations and panels from the brightest minds in the Decentralized AI space.”
The event will take place on May 28 in Austin, Texas.
Get ready for Akash Accelerate '24.
This will be the first full-day Akash summit, bringing the entire community together for a packed agenda of presentations and panels from the brightest minds in the Decentralized AI space.
When: May 28th, 2024 (before @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 last month. On March 18, the project announced that AKT would start trading on Coinbase. Meanwhile, just last week, Akash saw a new deployment of Llama 3 70B on its network, which it called “the most capable openly available AI model.”
AKT Price Prediction
Akash Network’s price surge came without warning, seeing its token shoot up from $4.0082 to $6.8203 in less than 30 minutes. The rapid surge led to a price correction which took AKT to a support at $6. However, with such a rapid price surge, the correction might break this support and send the token spiraling down to its former levels.
To try and see what might happen next, traders are looking to technical indicators and similar signals, which could provide insight into where the AKT price might go from here.
For example, the token’s Relative Strength Index (RSI) value skyrocketed deep into the overbought zone, reaching the value of 97.77, which is a very rare sight, even in the crypto industry.
Since then, however, the value spiraled down to 72.95, which is where it sits at the time of writing.
While the RSI value suggests that traders are taking profit, the project’s Bollinger bands remain extremely wide, which is a bullish sign. Of course, the bands might start to narrow in hours to come.
As mentioned, the sharp surge typically leads to an equally sharp correction, which means that AKT price could break the support at $6 at some point during the day, which could result in its price dropping to a support at $5, or maybe even back to $4, which was its starting point.
However, it is just as possible that traders could move in to buy the dip that AKT has already seen, thus pushing its price back up, or at least allowing it to stay above $6.
For now, the AKT price remains uncertain, so anyone seeking to work with this altcoin should be extremely cautious and do as much research as possible before making a move.
Promising Alternative to Akash Network
Despite Akash Network’s massive gains in the last 24 hours, there are projects believed to hold even more potential. One of them is 5th Scape (5SCAPE), which has already raised $5.48 million in its presale.
This is an AR/VR ecosystem that aims to become the gateway to the next big thing of the decade. In other words, the project believes that Virtual and Augmented Realities hold massive potential to revolutionize certain sectors, including education, gaming, and entertainment as a whole.
5th Scape sees the virtual world’s potential to push back, or even completely erase the boundaries that exist in the real world, all while providing a hyper-realistic world of VR.
In gaming, for example, it can offer immersive sports, high-speed racing, adrenaline-pumping battles, and more, all of which already have massive waitlists filled with interested users.
However, to achieve all this, the project first needs to conclude its presale, which currently offers its token, 5SCAPE, for $0.00327. The presale is in its fifth stage, and the next one will see the token’s price go up by 14.98% to $0.00376.
By the time the presale ends, the token’s price will reach $0.01, meaning that it will be over 205% higher than right now.
Exciting update from #5thScape! Cage Conquest, our inaugural game, is on track for its release in Q2 as planned. Our team is actively working on listing it on the meta store for beta testing 🛠️, aiming to gather crucial feedback for an enhanced experience. Get ready for an epic… pic.twitter.com/lgUIod5vCj
— 5th Scape (@5th_scape) April 22, 2024
In other words, buying the token now offers the ability to earn by the time it gets listed. You can purchase 5SCAPE with ETH, MATIC, USDT, BNB, or a bank card.
Visit 5SCAPE official website.
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