Akash Network (AKT) Poised for 63% Rally After Breaking Key Resistance

Akash Network (AKT), a decentralized infrastructure protocol, has been experiencing a prolonged downtrend over the past 90 days, lagging behind the broader cryptocurrency market's bullish momentum. Despite this, a key emerging fractal pattern suggests a potential rebound for AKT, mirroring a breakout structure recently observed in SEI.

The daily charts of SEI and AKT exhibit a striking similarity in structure. SEI previously traded within a falling wedge, a bullish reversal pattern, and after weeks of downward consolidation, it broke out above the wedge, crossed the 100-day moving average, and surged by over 76%. This movement eventually cleared its 200-day MA, confirming a trend reversal.

AKT appears to be following a similar trajectory. It has recently broken out of its falling wedge and is currently moving towards the resistance area near the 100-day moving average at approximately $1.29. If AKT gains sufficient momentum and buying volume, it could stage an explosive rally, positioning it for a significant upside move.

If AKT successfully reclaims the 100-day MA, the next upside target is the 200-day moving average at around $1.78. This represents a potential 63% rally from current levels near $1.09. However, this move is not guaranteed. If AKT fails to attract sufficient buying volume, it may struggle to confirm the breakout, leading to a longer consolidation phase below the 100-day MA.

It is important to note that this analysis is based on technical patterns and historical data, and it should not be considered financial advice. Investors should conduct their own research and consider all relevant factors before making investment decisions in cryptocurrencies.