Akash Network’s AKT token has been riding high amid the broader market’s recovery, with its price surging by 22% to hit $4.38. The strong upward momentum is supported by a flag breakout pattern, suggesting the possibility of further gains. As AKT approaches critical resistance at $4.74, analysts are eyeing Fibonacci targets of $5.93 and $7.87 in the near term. But the key question remains: will AKT’s rally continue to reach $5.93 this December?

AKT’s Recent Price Action: A Bullish Surge

In recent weeks, Akash Network has been one of the standout performers in the cryptocurrency space. The AKT token has broken past the crucial $4 resistance, pushing its price from $3.61 to a new high of $4.38, marking a 22% surge. This movement comes after the formation of a flag pattern, where the price consolidated and then broke out to the upside.

The flag breakout signals strong bullish sentiment, which has continued to gain momentum with three consecutive bullish candles—a formation known as “triple white soldiers.” The recent surge has cleared the resistance zone between $4 and $4.12, allowing AKT to target higher price levels. However, a minor intraday pullback of 2.59% has occurred, which could be seen as a natural retest of the breakout point.

Fibonacci Levels and Key Price Targets

Using the Fibonacci retracement tool, analysts have identified key upside targets for AKT. The first resistance level lies at $4.74, which has already been tested in recent trading. If AKT can successfully breach this level, it could open the door for a run towards the next Fibonacci levels at $5.93 and $7.87. These targets are derived from the Fibonacci extension tool, which helps predict potential price levels based on previous price movements.

For the bullish outlook to remain intact, AKT must maintain support above $4. The price has already surpassed the 67.80% Fibonacci level, which is typically seen as a strong support level. If the price holds above this, the uptrend is likely to continue towards the aforementioned targets.

Technical Indicators: Bullish Signs Across the Board

Several technical indicators are currently supporting the bullish case for AKT. Notably, the 100-day and 200-day Exponential Moving Averages (EMAs) are showing signs of a bullish crossover, a pattern that occurs when the shorter-term moving average crosses above the longer-term one. This crossover often signals continued upward momentum.

In addition, the Moving Average Convergence Divergence (MACD) indicator remains in a positive alignment, with the MACD line and the signal line both pointing upwards. This suggests that there is a continued bullish trend, with the risk of a negative crossover (which would signal a trend reversal) currently low.

Support Levels to Watch

While the overall sentiment remains bullish, traders should keep an eye on crucial support levels to protect themselves from potential downside. The most immediate support is at the $4 mark, which is now acting as a key level to maintain the uptrend. A drop below this support would bring the next major support zone at $3.52 into focus.

If AKT drops towards $3.52, the momentum could slow, and the price may consolidate before making another attempt at higher levels. However, as long as the price holds above these support levels, the path to the Fibonacci targets at $5.93 and $7.87 remains clear.

Can AKT Reach $10? What’s Next for Akash Network?

With a strong technical setup, AKT’s short-term targets of $5.93 and $7.87 are within reach. However, longer-term price predictions suggest that if the bullish trend persists and market conditions remain favorable, AKT could eventually challenge the $10 price level. This would depend on a variety of factors, including continued market recovery, adoption of the Akash Network, and broader crypto market dynamics.

In conclusion, AKT’s flag breakout and the strong bullish indicators suggest that it could continue to climb towards $5.93 and possibly even higher in the near future. Traders should keep a close watch on key support levels and resistance points to gauge the next potential move for Akash Network’s token.