AKT Price Up 30%, Trading Volume Surpasses $380 Million Thanks to Binance

AKT, the native token of the Akash Network — a protocol that allows users to buy and sell computing resources — has surged nearly 30% in the past 24 hours. Over the same period, its trading volume has increased by 2,590%, exceeding $380 million.

This growth comes after the launch of AKT's perpetual contract on Binance Futures on Monday. The Altcoin is currently trading at $4.21, with strong momentum suggesting the uptrend may continue.

Binance Supports AKT

On Monday, Binance Futures announced the launch of USDⓈ-Margined perpetual contracts for AKT, the native token of the decentralized physical infrastructure network (DePIN) project. The USDT-settled contract, with AKT/USDT as the main trading pair, offers traders leverage of up to 75x.

The value of AKT has increased by 25% upon listing, reaching $4.69 — its highest level in five months. This double-digit price surge was driven by a 2,590% spike in trading volume over the past 24 hours, reaching an ATH of $385 million.

The combination of rising price and trading volume indicates bullish momentum. This suggests that many traders are actively participating in the market. In the case of AKT, this scenario indicates that its price movement is supported by significant participation, rather than low-liquidity trading.

Furthermore, increased activity has been recorded in the AKT derivatives market. Over the past 24 hours, its open interest has increased by 50%. According to Santiment, it currently stands at $10 million.

Open interest tracks the total number of outstanding derivative contracts, such as futures or options. When it increases along with the price, it signals rising participation and bullish sentiment in the market. This indicates that "new money" is flowing into the market to support the price rally. This is a positive sign as it shows that new investors or existing traders are increasing their exposure to the asset, driving the price higher.

AKT Price Prediction: Token Aims for New Highs

The price of AKT is currently trading above the 20-day Exponential Moving Average (EMA). The 20-day EMA calculates the average price of an asset over the past 20 days, with more emphasis on recent data points. When an asset's price is above this moving average, it indicates a bullish trend and positive market sentiment in the short term. If this trend continues, the price of AKT will attempt to break through the $4.55 resistance level and move into the $5 price range.

However, as the excitement around the Binance Futures listing begins to wane, the price of AKT may experience a slight correction as buying momentum weakens. Its price could drop to $3.83, invalidating the bullish outlook. If the support level is not strong at this level, the token's price could further decline to $3.05.

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