Introduction:

Today, the price of AKT, the native token of Akash Network, experienced a significant increase of 55%, making it the top gainer among major cryptocurrencies. This surge can be attributed to its recent listing on Upbit Global, South Korea's largest exchange, amidst a broader relief rally in the cryptocurrency market following the Fourth Bitcoin Halving.

Overview of AKT's Performance:

Akash Network's token, AKT, has shown resilience above the $3 mark, supported by the 50% Fibonacci retracement level, indicating a strong area of interest for potential buyers. Recently, AKT saw a reversal from this support level, driving its price up by 68% to reach $5.95. The primary catalyst for this growth was its listing on Upbit Global, which has expanded accessibility to AKT for investors and traders, with trading pairs available in KRW, BTC, and USDT.

Market Analysis:

Despite the positive momentum, AKT encountered resistance at the $6.5 level, leading to a rejection indicated by a long-wick candle. This setback may prompt a retest of the $5 support level to assess its sustainability for further upward movement. Consequently, AKT's price could consolidate above $5, offering an opportunity for sidelined buyers to enter the market.

Technical Indicators:

Analysis of technical indicators suggests a bullish trend for AKT. The rebound from the 200-day Exponential Moving Average (EMA) indicates overall bullish sentiment, while a bullish crossover between the MACD and signal line signals a return of recovery sentiment for the asset.

Conclusion:

In conclusion, Akash Network's AKT token has demonstrated significant growth following its listing on Upbit Global and amidst broader market recovery. While facing resistance at $6.5, AKT's ability to consolidate above $5 and sustain bullish momentum may pave the way for further upward movement in its price.