AKT has emerged as one of the leading gainers among the top 100 crypto assets after securing a perpetual listing on Binance Futures.
The native token of Akash Network rose 35%, hitting a six-month high of $4.66 on Nov. 19, bringing its market cap to over $1 billion when writing. Following the significant price uptick, the altcoin has once again entered the top 100 cryptocurrencies by market cap, securing the 99th position.
Further, the total trading volume for Akash(AKT) had skyrocketed 2500% over the past day, hovering over $368.1 million.
Why is AKT price up?
AKT’s price shot up after Binance Futures announced the expansion of its listing to include the AI-focused altcoin AKT through the AKTUSDT Perpetual Contract. The contract allows traders to trade AKT on the platform with up to 75x leverage, attracting those seeking higher potential returns through leveraged trading.
Another key factor fueling AKT’s rally is the circulating rumor that Trump could eliminate all capital gains taxes on cryptocurrencies issued by U.S. companies, potentially benefiting altcoins like Akash Network’s AKT, which is headquartered in the U.S.
Akash Network is fundamentally 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 grows, the AKT token is expected to play a pivotal role in enabling and securing these decentralized cloud operations.
In April, Akash saw a surge of over 48%, reaching nearly $7 following its listing on the South Korean exchange Upbit, which propelled its market capitalization to over $1 billion.
Correction due
While the border AKT community was euphoric over the recent gains, one analyst cautioned of an impending pullback.
In a Nov. 19 X post, pseudo-anonymous analyst TraderSteve_ noted that AKT might face selling pressure at the resistance level of $4.732, a threshold the altcoin failed to breach during two consecutive attempts in June this year.
However, the analyst remained bullish over the altcoin’s prospects in the long term, speculating it would eventually hit as high as $28.
On the 1-day AKT/USDT price chart, AKT was trading above the upper Bollinger Band, indicating that the asset is currently overbought. The Relative Strength Index further confirmed this overbought status with a reading of 76.
These indicators suggest that AKT might soon face a price reversal before continuing its rally, with the middle Bollinger Band at $2.828 serving as the immediate support level.
Despite the recent price rally, AKT is still down by 47.7% from its all-time high of $8.07.