🌎 Akash Network, Aave, and Kaspa Show Significant Weekly Gains

Akash Network (AKT) has demonstrated robust price performance, with a 20% increase over the past week amid market fluctuations. The token has successfully reclaimed the 20-day exponential moving average (EMA), suggesting potential for further upward movement. Additionally, AAVE and KASPA are also showing gains this week.

Akash Network (AKT) Rebounds

According to recent charts, AKT has rebounded from its support level at $2.80 and surged over 20% in the past week, indicating a bullish trend likely to continue. Analysts believe the token could extend its gains towards the 50-day EMA mark.

Price analysis suggests a possible five-wave pattern on the AKT/USDT chart, with the current movement seen as a correction within a broader wave structure. This pattern could pave the way for a significant upward move during the upcoming altcoin season. Currently, Akash is trading around the $3.60 mark.

Fundamentally, Akash Network aims to lead a shift in cloud computing by leveraging blockchain technology to create a decentralized, open-source marketplace for cloud services. As the ecosystem expands, the AKT token is expected to play a crucial role in facilitating and securing these decentralized cloud services.

In April, Akash saw a 50% increase to nearly $7 after listing on a South Korean exchange, pushing its market cap above $1 billion. Additionally, on-chain staking for AKT was introduced via an app, offering users rewards of up to 19%. Furthermore, a partnership with Coinbase Prime aims to offer institutional-grade custody services for AKT, increasing institutional involvement.

Currently, AKT has a market capitalization of $871.91 million and a 24-hour trading volume exceeding $21 million.

Aave up by 18%

Aave (AAVE) has spiked 18% in the past week, rising from approximately $79 to over $96, outpacing the broader cryptocurrency market, which has declined by 3.8% over the same period. This strong performance underscores Aave’s robust momentum despite the overall market downturn.

Aave is currently trading around $94.96 in a horizontal channel pattern, suggesting a sideways trend with potential resistance at $155.44 and support at $90.23 and $50.39.

Technical indicators for this year show promising signs: the 50-day moving average (50MA) indicates an uptrend, the relative strength index (RSI) is neutral at 69.77, and although relative volume (RVOL) is low, the relative volatility index (RVI) indicates high market volatility with an ADX of 22.11, signaling weak trend momentum.

Throughout 2023, Aave introduced significant updates, including enhanced lending and borrowing features, improved security measures, and the integration of new DeFi protocols. The community also endorsed Seamless, a protocol fork to provide an alternative decentralized lending solution.

Earlier this year, AAVE surpassed $100, and a wallet holding staked AAVE held 17.09% of the token’s supply by June, indicating growing adoption. Analysts predict continued growth, forecasting a price range from a minimum of $82.11 to an average of $187.04, potentially reaching a maximum of $200.33 by year-end.

Kaspa Records 20.5% Gain

Kaspa (KAS) has surged by more than 20% in the past week and is now trading above the critical resistance level of $0.15. The recent price movement has formed a “falling wedge” pattern, with significant support around $0.123. Technical analysis shows that breakthroughs above the lower trendline could signal a potential retest of higher resistance levels, indicating improved market sentiment for Kaspa.

As per technical indicators, the 50-day moving average (50MA) suggests a potential uptrend, positioned above the current price. The relative strength index (RSI) is currently in the overbought zone at 75.2, hinting at a potential pullback in the price. The average directional index (ADX) at 35.7 indicates strong trend momentum, while the relative volatility index (RVI) at 68.4 shows moderate volatility within the market.

Several factors drive Kaspa’s potential growth. An upcoming Rust upgrade is expected to enhance network efficiency and compatibility, making Kaspa more attractive. The increasing hash rate also indicates stronger network security and greater miner engagement, bolstering confidence in the project.

At the time of writing, Kaspa (KAS) is trading at $0.18, with a 24-hour trading volume of over $47.2 million.