- Akash Network (AKT) has experienced a 47% increase in its value over the past week, reaching $6.39.
- The platform's revenue for the quarter has grown by 40% due to increased interest in DePIN.
The AKT token, belonging to the decentralized cloud computing platform Akash Network, has seen a 26% increase in value within the last day. This increase was driven by the announcement of a 40% rise in quarterly revenue.
The bullish trend for AKT is reflected in its weekly price movement. Over the past 7 days, this digital asset rose by 47% from $4.3022 to $6. Currently, AKT is being traded at $6.23. Its market capitalization stands at $1.43 billion, ranking it sixty-third in the global crypto market. Trading volume for the token has surged by 295% to $261 million in the last day.
In addition, Akash Network has reported a notable 40% increase in its quarterly revenue. In Q1 2024, revenue for the ecosystem reached $140,000, surpassing the $100,000 recorded in Q4 2023. These figures were lower when compared to previous quarters in 2023.
Analyzing the Surge of Akash Network (AKT)
Several positive indicators have emerged on the 4-hour price chart for AKT. The altcoin's RSI has climbed to 77, indicating an overbought condition. Furthermore, the CMF (Chaikin Money Flow) has shown an increase, highlighting the influx of capital into the asset.
Built on the Cosmos ecosystem, Akash Network remains a significant player in the decentralized physical infrastructure network (DePIN) sector. Analysis suggests that if AKT continues on its bullish path, it could potentially reach $6.5302. Strong bullish momentum could drive it higher, surpassing $7.28 and setting a new peak. However, if the trend turns bearish, support levels at $4.621 and $3.478 may be breached.
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