News
Akash Network (AKT) and The Graph (GRT) Rise as AI Tokens Rebound! What’s next?
The cryptocurrency market continues to display mixed sentiment due to increasing price volatility in the cryptocurrency sector. Furthermore, the market leader, Bitcoin pricecontinues to hover near its $62,000 resistance/support level, indicating uncertainty in future price action.
On the other hand, the Artificial Intelligence (AI) category continues to show strong bullish price sentiment with top AI tokens recording a significant uptrend in their respective portfolios. In this article, we have covered in-depth price analysis for The Graph (GRT) and Akash Network (AKT) for the coming week.
The graph (GRT):
THE GRT price showed significant bullish price action by recording a 76% increase in its 24-hour trading volume to $175.346 million, resulting in the altcoin adding 12.70% to its portfolio over the past day and 21.94% in the last seven days.
TradingView: GRT/USDT
Furthermore, the price of the chart has successfully formed a symmetrical triangle pattern in the 1D time frame and is on the verge of testing its resistance trend line, the outcome of which is unpredictable. Furthermore, the Cross 50/200 day EMA shows bullish convergence in the price chart, indicating a strong bullish influence for this altcoin in the cryptocurrency sector.
The technical indicator, MACD, shows a steady increase in the green histogram, indicating increased buying/selling pressure within the cryptocurrency sector. Furthermore, the averages show a bullish pattern, suggesting the Graphic token will continue to acquire value in the coming times.
If the bulls can successfully break out of the symmetrical triangle pattern, the price is ready to test its $0.3550 resistance level by next weekend. However, if the bears get the better of the bulls, The Graph price would fall towards its support trend line.
Akash Network (AKT):
THE AKT Price has risen by around 20% over the past day, making it the best gainer among the top 100 tokens in the cryptocurrency industry over the past day. Furthermore, the Akash network has gained 37.66% in the last seven days and its year-to-date stands at 136.20%, indicating a positive outlook for this altcoin in the near future.
TradingView: AKT/USDT
The Moving Average Convergence Divergence (MACD) shows a steady green histogram on the 1D time frame, highlighting an increase in bullish influence in the crypto space. Furthermore, the averages show a significant increase in the chart, indicating a bullish outlook for the AI token in the coming times.
If Akash Network price continues to trade with bullish sentiment, it will attempt to test its $6.20 resistance level in the coming weekend. Conversely, a bearish trend reversal could push the price towards the lower support level of $4.23 this month.