Akash Network, a decentralized marketplace for cloud computing, has seen its native token AKT surge by 12% in the past 24 hours. The token’s price reached highs near $0.70, and needs to flip the hurdle into support to further strengthen the upside momentum.
The hype around AI and cloud computing could be a major factor in boosting the bullish outlook of Akash Network. Selling pressure saw AKT lose the important $1.00 level back in May 2022, reaching lows of $0.22 in May 2021. However, bulls have been able to hit the $0.75 zone twice in the past two months, though rejection at this level led to a retest of support at $0.50 in mid-July.
Prices have held above an ascending trendline support, suggesting that bulls are still determined to reclaim the upper hand. If the price breaks above $0.75, it could go on to retest the supply wall expected at $1.00.
The Akash Network could also potentially benefit from the launch of its Akash GPU mainnet. After navigating the testnet in May, with multiple AI models tested on the NVIDIA A100, Akash has moved a step closer to offering the first open-source marketplace for HD GPUs. Excitement for what could be AI Supercloud, fueled by massive predictions for the artificial intelligence industry, may add to the bullish momentum.
Technical analysis of the daily RSI indicates that momentum is with the bulls, which could be helped further by the strengthening of the MACD indicator. The continued support of the 50-day exponential moving average, currently providing a base at $0.57, could also be beneficial.
