Akash Network price jumps 12% to $0.70: What next for AKT?

• Akash Community value was up 12% prior to now 24 hours.
• The AKT/USD pair reached highs close to $0.70, and must flip the hurdle into help to strengthen upside momentum.
• Hype round AI and cloud computing might add to the bullish outlook.

Akash Community, a decentralized market for cloud computing, has seen the value of its native token AKT leap by greater than 12% prior to now 24 hours.

Whereas the resistance degree at $0.70 stays key for bears, bulls’ sharp bounce over the previous day has AKT buying and selling in a constructive development. With altcoins additionally mirroring Bitcoin’s trajectory, the newest upsurge may very well be the bottom for a contemporary try at recapturing the coveted $1.00 degree.

Akash Community value prediction

Promoting stress noticed AKT lose the essential $1.00 degree in Could 2022, with lows of $0.22 reached in Could this yr. Since then, bulls have hit the $0.75 zone twice prior to now two months. Nonetheless, rejection on the degree meant a retest of help at $0.50 in mid-July.

Costs have nevertheless remained above an ascending trendline help, suggesting bulls are nonetheless decided to reclaim the higher hand. If value breaks above $0.75, it might go on to retest the provision wall anticipated at $1.00.

A part of the Akash Community’s bullish momentum is prone to come from the launch of its Akash GPU mainnet. After efficiently navigating the testnet in Could, with a number of AI fashions examined on the NVIDIA A100, Akash moved a step nearer to providing the primary open-source market for HD GPUs. 

NVIDIA H100s stay in record-high demand, however distribution remains to be restricted and inefficient.

The launch of the Akash GPU Mainnet is nearly right here, which can create the primary open-source market for high-density GPUs.

The world is prepared for the #AISupercloud. https://t.co/y6OTupy9iZ

— Akash Community (@akashnet_) August 3, 2023

Pleasure for what may very well be AI Supercloud, fueled by large predictions for the bogus intelligence trade, will seemingly cascade into the AKASH market.