Can AKT Price Reach New Highs Due To the Binance Listing?
AKT, the native token that powers the Akash network, a protocol that allows users to buy and sell computing resources, has surged nearly 30% in the past 24 hours. During the same period, its trading volume surged 2,590% to over $380 million.
This growth follows the debut of AKT perpetual contracts on Binance futures on Monday. Currently, the altcoin is trading at $4.21, with strong momentum suggesting its rally may continue.
Binance boosts AKT
On Monday, Binance Futures Announce Launched AKT’s USD margin perpetual contract, AKT is the native token of AKT Decentralized Physical Infrastructure Network (DePIN) project. The contract is settled in USDT, with AKT/USDT as the main trading pair, providing traders with leverage up to 75 times.
AKT’s value surged 25% to $4.69 after the listing, a five-month high. Its double-digit gains were fueled by a 2,590% surge in trading volume in the past 24 hours, hitting an all-time high of $385 million.
The combination of rising prices and trading volume indicates bullish momentum. This shows that many traders Actively participate in the market. In the case of AKT, this situation suggests that its price movements are underpinned by heavy participation rather than the result of low-liquidity trading.
Additionally, activity in the AKT derivatives market surged. Its open interest has climbed 50% in the past 24 hours. The current valuation is $10 million, according to Santiment.
Open Interest tracks the total number of open derivatives contracts (such as futures or options) that have not yet settled. When it rises as prices rise, it shows growing participation and confidence in the market’s upward trend.
This suggests “new money” is flowing into the market to support the rally. This is a positive sign as it indicates that new players or existing traders are increasing their exposure to the asset, pushing up its value.
AKT Price Prediction: Token Eyes New Highs
AKT’s price is currently trading above the 20-day exponential moving average (EMA). The 20-day EMA calculates the average price of an asset over the past 20 days, focusing more on the most recent data points.
When an asset price is above this moving average, it indicates a bullish trend and positive market sentiment in the short term. If this trend continues, AKT price will try It broke the $4.55 resistance and entered the $5 price zone.
However, when the hype surrounding the listing on Binance Futures begins to subside, AKT’s price may see a small correction as buying momentum wanes. Its price will fall towards $3.83, invalidating the above bullish outlook. If support at this level is not strong, the coin’s price may fall further to $3.05.
Disclaimer
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