Akash Network’s token price has struggled recently, but analysts remain hopeful due to improving on-chain metrics. This article explores the current challenges and future prospects for Akash Network.
Points
- Akash Network’s token price has faced a significant decline.
- Despite the downturn, some analysts see potential for recovery.
- Positive on-chain metrics suggest a possible turnaround in August.
The broader crypto market has seen a rebound in recent weeks, but the Akash Network （AKT） token price continues to struggle. Since mid-May 2024, the AKT price has been in a correction phase, suffering a significant decline from the $6 level. The AKT/USD price action highlighted a major double top pattern formation, triggering a selloff and leading to a 52% decline from the highs.
Despite this challenging period, there is a glimmer of hope as some analysts remain optimistic about Akash Network’s prospects in August. They point to improving on-chain metrics as a sign that the tide may soon turn for AKT.
Social Metrics Highlight a Positive Shift
Akash Network has underperformed the broader crypto market in the short term, accumulating a loss of nearly 8% in a week and over 19.8% in a month. Although the price has not hit any fresh lows in the past two months, the absence of bulls in the market highlighted the formation of a sideways trend.
However, analysts see a positive development in on-chain metrics, including social dominance and social volume. The upward trend in these metrics suggests increased community engagement and interest in Akash Network.
Akash Network Price Forecast: Will There Be Better Days in August?
The price action analysis indicated a prevailing correction for the last three months. Moreover, a falling wedge pattern was observed on the daily chart with two converging declining trendlines.
When writing, the Akash Network price seemed to struggle with a current price range between $2.86 and $3.64. It traded nearly 20% below the 200 days Exponential moving average, showing that bears were in control.
On the higher side, the overhead trendline was the most challenging zone for the buyers. Now, if the bulls can surpass the trendline resistance, it may validate a bullish breakout, marking an end to the correction phase.
On the contrary, a break below $2.65 may invalidate any bullish scenario, and the price may then head for a fresh low toward the $2.5 level and $2 levels.
How Will the AKT Price Perform in the Near Future?
Akash Network has seen short-term losses of nearly 8% weekly and over 19.8% monthly, suggesting a correction phase. Despite this, analysts are optimistic for August, citing improvements in on-chain metrics like social dominance and volume.
The AKT price hovered in a range formed between $2.86 and $3.64 and was 20% below the 200-day EMA at press time. It showed bearish control. A bullish breakout could occur if the price surpasses the overhead trendline, while a drop below $2.65 could lead to new lows.
Conclusion
While Akash Network has faced significant price challenges recently, the positive shift in on-chain metrics provides a glimmer of hope for recovery. Analysts remain optimistic that the improvements in social dominance and volume could pave the way for a bullish turnaround in August. Investors should keep a close eye on key price levels and market trends to make informed decisions.