AKT surges 35% on Binance perpetual listing

AKT has emerged as one of the leading gainers among the top 100 crypto assets after securing a permanent listing on Binance Futures.

Akash Network’s native token surged 35% to a six-month high of $4.66 on Nov. 19, at which time its market cap rose to over $1 billion. Following the significant price increase, the altcoin once again broke into the top 100 cryptocurrencies by market cap, securing the 99th position.

Additionally, the total transaction volume of Akash (AKT) increased by 2500% in the past day, reaching over $368.1 million.

Why did the AKT price increase?

AKT’s price rose after Binance Futures announced that its listing has been expanded to include AI-focused altcoin AKT via the AKTUSDT Perpetual Contract. The contract allows investors to trade AKT on the platform with up to 75x leverage, attracting those seeking higher potential returns through leveraged trading.

Another major factor fueling AKT’s rally is the rumor circulating that Trump could eliminate all capital gains taxes on cryptocurrencies issued by US companies, potentially benefiting altcoins like US-headquartered Akash Network’s AKT .

Akash Network is primarily focused on leading a transformation in cloud computing by leveraging blockchain technology to create a decentralized, open-source marketplace for cloud services. As the ecosystem grows, the AKT token is expected to play a key role in enabling and securing these decentralized cloud operations.

Akash saw an increase of over 48% in April, reaching nearly $7 after its listing on South Korean exchange Upbit, which pushed its market value to over $1 billion.

time to fix

While the border AKT community is jubilant about recent gains, one analyst warned of an impending pullback.

In a post dated November 19, fake anonymous analyst TraderSteve_ noted that AKT could face selling pressure at the $4,732 resistance level; This is a threshold that the altcoin failed to surpass in two consecutive attempts in June this year.

However, the analyst remained optimistic about the long-term prospects of the altcoin and predicted that it would eventually rise to $28.

AKT price, Bollinger Bands and RSI chart | Source: crypto.news

On the 1-day AKT/USDT price chart, AKT is trading above the upper Bollinger Band, indicating that the asset is currently overbought. The Relative Strength Index further confirmed this overbought status with a reading of 76.

These indicators suggest that AKT may face a reversal in price soon before resuming its rally, with the middle Bollinger Band at $2,828 serving as an immediate support level.

Despite the recent price increase, AKT is still down 47.7% from its all-time high of $8.07.