Akash Network Downtrend, Is It Over?

10月12日

Akash Network grew straight up for 517 days. From a low point in November 2022 to a high point in April 2024.

We can spot a clear downtrend on the chart, a correction.
This downtrend has been active almost six months, is it over?

This chart came to my attention as I look for bottomed out pairs, buying opportunities, and no, the correction seems not to be over.

While there was a major low in early August, there has been no significant recovery so far. This major low pushed prices toward the level traded by AKTUSDT back in December 2023 but plenty of room remains open to see lower prices.

We can see AKTUSDT trading below the fast moving EMAs 8, 13 and 21, which means bearish.
We can see trading volume decreasing and we cannot see any strong reversal signals just yet.

Might grow; not really.
This pair have to undergone one more major drop, followed by consolidation, before it can resume its growing phase.

➖ Moving and closing above $3.20 can strengthen a bullish bias in the mid-term.
➖ Trading below $2.80 keeps this chart setup reading bearish, as in bearish potential still active.

Thank you for reading.

Namaste.