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Akash Network surges 20%; Aave eyes further upside

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Akash Network surges 20%; Aave eyes further upside

Akash Network (AKT) has shown strong price performance, with a notable 20% increase over the past week, amid widespread market fluctuations.

The token has successfully reclaimed the 20-day exponential moving average (EMA), indicating potential for further upward movement. AAVE and KASPA are also in the green this week.

Akash Network rebounds

Looking at the charts, AKT has rebounded from its support level at $2.80 and has surged more than 20% in the past week, indicating a bullish trend likely to continue. Analysts observe that the token can potentially extend its gains towards the 50-day EMA mark.

Price analysis suggests a possible five-wave pattern on the AKT/USDT chart, with the current movement seen as a correction within a broader wave structure. This pattern could pave the way for a significant upward move during the upcoming altcoin season.

At press time, Akash is trading at around the $3.60 mark.

Fundamentally, Akash Network is focused on leading a transformation in cloud computing by leveraging blockchain technology to create a decentralized, open-source marketplace for cloud services. 

As the ecosystem expands, the AKT token is expected to play a crucial role in facilitating and securing these decentralized cloud services.

In April, Akash boomed over 50% to nearly $7 after listing on South Korean exchange Upbit. This pushed its market cap to above $1 billion. 

Additionally, Crypto.com introduced on-chain staking for AKT via their app, offering users rewards of up to 19%. Furthermore, Akash partnered with Coinbase Prime to offer institutional-grade custody services for AKT, aiming to increase institutional involvement.

AKT has a market capitalization of $871.91 million and a 24-hour trading volume of over $21 million.

Aave up by 18%

Aave (AAVE) spiked 18% in the past week. It went from approximately $79 to over $96, outpacing the broader cryptocurrency market, which has declined by 3.8% over the same period.

This strong performance underscores Aave’s robust momentum despite the overall market downturn.

Aave is currently trading at around $94.96 in a horizontal channel pattern. This suggests a sideways trend with potential resistance levels at $155.44 and support at $90.23 and $50.39.

Meanwhile, technical indicators for this year show promising signs: the 50-day moving average (50MA) indicates an uptrend, the relative strength index (RSI) is neutral at 69.77, and although relative volume (RVOL) is low, the relative volatility index (RVI) indicates high market volatility with an ADX of 22.11, signaling weak trend momentum.

Throughout 2023, Aave introduced significant updates, including enhanced lending and borrowing features, improved security measures, and the integration of new DeFi protocols. The community also endorsed Seamless, a protocol fork to provide an alternative decentralized lending solution.

Earlier this year, AAVE surpassed $100, and a wallet-holding staked AAVE held 17.09% of the token’s supply by June, indicating growing adoption. 

Analysts predict continued growth, forecasting a price range from a minimum of $82.11 to an average of $187.04, potentially reaching a maximum of $200.33 by year-end.

Kaspa records 20.5% gain

Kaspa (KAS) has surged by more than 20% in the past week, now trading above the critical resistance level of $0.15. The recent price movement has formed a “falling wedge” pattern, with significant support identified around $0.123.

Technical analysis shows that breakthroughs above the lower trendline could signal a potential retest of higher resistance levels. This signals improved market sentiment for Kaspa.

As per technical indicators, the 50-day moving average (50MA) suggests a potential uptrend, positioned above the current price; it’s relative strength index (RSI) is currently in the overbought zone at 75.2, hinting at a potential pullback in the price, the average directional index (ADX) at 35.7 indicates strong trend momentum, while the relative volatility index (RVI) at 68.4 shows moderate volatility within the market. Several factors drive Kaspa’s potential growth.

An upcoming Rust upgrade is expected to enhance network efficiency and compatibility, making Kaspa more attractive. The increasing hash rate also indicates stronger network security and greater miner engagement, bolstering confidence in the project. 

At the time of writing, Kaspa (KAS) is trading at $0.18, with a 24-hour trading volume of over $47.2 million.