Akash Network price was up 12% in the past 24 hours. The AKT/USD pair reached highs near $0.70, and needs to flip the hurdle into support to strengthen upside momentum. Hype around AI and cloud computing could add to the bullish outlook.

Akash Network, a decentralized marketplace for cloud computing, has seen the price of its native token AKT jump by more than 12% in the past 24 hours.

While the resistance level at $0.70 remains key for bears, bulls’ sharp bounce over the past day has AKT trading in a positive trend. With altcoins also mirroring Bitcoin’s trajectory, the latest upsurge could be the base for a fresh attempt at recapturing the coveted $1.00 level.

Selling pressure saw AKT lose the important $1.00 level in May 2022, with lows of $0.22 reached in May this year. Since then, bulls have hit the $0.75 zone twice in the past two months. However, rejection at the level meant a retest of support at $0.50 in mid-July.

Prices have however remained above an ascending trendline support, suggesting bulls are still determined to reclaim the upper hand. If price breaks above $0.75, it could go on to retest the supply wall expected at $1.00.

Part of the Akash Network’s bullish momentum is likely to come from the launch of its Akash GPU mainnet. After successfully navigating the testnet in May, with multiple AI models tested on the NVIDIA A100, Akash moved a step closer to offering the first open-source marketplace for HD GPUs. 

NVIDIA H100s remain in record-high demand, but distribution is still limited and inefficient.

The launch of the Akash GPU Mainnet is almost here, which will create the first open-source marketplace for high-density GPUs.

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

— Akash Network (@akashnet_) August 3, 2023

Excitement for what could be AI Supercloud, fueled by massive predictions for the artificial intelligence industry, will likely cascade into the AKASH market.

Akash Network price chart. Source: TradingView

The daily RSI indicates that momentum remains with the bulls, a scenario likely to be helped by a strengthening of the MACD indicator. 

Also key is the continued support of the 50-day exponential moving average, currently providing a base at $0.57.

The post Akash Network price outlook: can bulls push for $1? appeared first on CoinJournal.

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