- Akash network’s integration into NVIDIA product Brev pushed the former’s trading volume by 573%.
- AKT surged by 20.18% over the past seven days as well.
On the 23rd of August, all cryptocurrencies experienced a strong upside. Since then, markets have experienced heightened fluctuation, with investors looking for external forces to influence another upside.
Amidst this market fluctuation, Akash Network experienced a strong upward movement as well.
The price movement has left everyone wondering what factors are influencing the AI-themed altcoin for a rally.
Akash Network integrates into NVIDIA’s Brev
As reported by NVIDIA director of Tech Development Nader Khalil, the AI company has integrated Akash into the firm’s new product, Brev.
Since AKT has a direct correlation to NVIDIA products now, it’s well-positioned to gain from the AI boom.
Equally, Akash Network sits at the cross-section of AI and blockchain technology since it’s a decentralized, blockchain-powered compute network.
Prevailing market sentiment
Source: Market Prophit
Besides the Integration by NVIDIA, AKT is enjoying high market favorability, with investors showing a high positive outlook. AMBCrypto’s analysis of Market Prophit showed the altcoin enjoying positive market sentiment.
AKT had a crowd sentiment of 0.059, a buzz score of 1.06, and a crowd Z score of 0.04 at press time. This suggested that investors were confident with the altcoin’s direction.
What AKT’s price charts suggest
AKT has made a moderate recovery on price charts. At press time, the AI-themed altcoin was trading at $3.03, an 11.8% spike in the past 24 hours. Its trading volume increased by 573.17% to $55.5 million in 24 hours.
Prior to these spikes, the crypto experienced sustained price gains over the past seven days with 20.18% increase. After hitting a low of $1.80 during the market crash on the 5th of August, AKT has made 68.33% profits.
Despite the recent uptick, the altcoin’s prices remained relatively low from last month’s high of $3.77 and 63.7% down from $8.7 ATH.
Thus, it’s essential to determine if the recent increases are sustained for the long term or a mere market correction.
Source: TradingView
Looking at the altcoin’s Directional Movement Index (DMI), the positive index at 35.75 sat above the negative index at 16.59. This suggested that ATK was experiencing strong upward movement, with recent highs outweighing lows.
This trend was further proved by the Aroon line. As of this writing, Aroon Up at 92.86% was above Aroon Down at 42.8%.
Source: Coinglass
Looking further, AKT’s OI-Weighted Funding Rate has been positive for the last two weeks.
This showed increased demand for long positions, with investors willing to pay a premium for their positions, which is a bullish market sentiment.
Source: Santiment
Also, the demand for long positions was further supported by a positive Funding Rate aggregated by the exchange. This reflected investors’ confidence with AKT price rising and overall future potential.
Read Akash Network’s [AKT] Price Prediction 2024–2025
Therefore, after consolidating just above $2.70, the price of Akash Network coin surged past $3. Over the past weeks, the $2.70 level has proven to be a crucial support.
Thus, if the current market sentiment holds, ATK can break out of the $3.4 resistance level and attempt the $3.8 resistance level.
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