Akash Network’s AKT Price Soars 12% to $0.70: What Lies Ahead for AKT?

5:01 pm
August 8, 2023

A decentralized marketplace for cloud computing, Akash Network, has witnessed an impressive surge in the price of its native token AKT, with a 12% increase in the past 24 hours. The AKT/USD pair reached highs near $0.70, and now the key challenge is for this level to turn into support in order to strengthen the upward momentum. The optimistic outlook for AKT is further fueled by the hype surrounding AI and cloud computing.

Akash Network Price Predictions

Following the loss of the important $1.00 level in May 2022, AKT experienced lows of $0.22 in May of this year. However, bullish investors managed to push the price back up to the $0.75 zone on two separate occasions in the past two months. Although a rejection at this level resulted in a retest of the $0.50 support in mid-July, AKT has remained above an ascending trendline support, indicating that the bulls are determined to regain control. If the price manages to break above $0.75, the next target is the supply wall expected at $1.00.

Furthermore, the anticipated launch of the Akash GPU mainnet is expected to contribute to the bullish momentum of AKT. This mainnet will provide the first open-source marketplace for high-density GPUs, a significant development considering the increasing demand for NVIDIA A100 GPUs. Akash successfully completed the testnet in May, with multiple AI models tested on the NVIDIA A100, and is now one step closer to realizing the vision of the AI Supercloud.

The excitement surrounding the potential AI Supercloud, coupled with the promising future of the artificial intelligence industry, will likely have a positive impact on the AKASH market.

FAQs

What is Akash Network?

Akash Network is a decentralized marketplace for cloud computing that aims to provide users with a secure and efficient platform to buy and sell computing resources.

What is AKT?

AKT is the native token of Akash Network. It is used for various purposes within the network, such as paying for computing resources and participating in the network’s governance.

Why has AKT’s price increased?

AKT’s price has increased due to several factors, including the overall bullish sentiment in the cryptocurrency market, the hype surrounding AI and cloud computing, and the anticipation of the launch of the Akash GPU mainnet.

What are the price predictions for AKT?

While it is difficult to make precise price predictions, some analysts believe that if AKT breaks above $0.75, it could retest the supply wall at $1.00. The launch of the Akash GPU mainnet and the potential for the AI Supercloud could further boost the price of AKT.

Is investing in AKT a good idea?

Investing in AKT or any other cryptocurrency involves risks, and it is essential to conduct thorough research and consider your own investment goals and risk tolerance before making any investment decisions.


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