Akash Network [AKT] The price of the dollar rose 25.33% in 24 hours to $0.7762. Trading volume grew 261.04%, reaching $18 million. After weeks of volatile price movements, traders have returned to the market in force.
Early in June AKT The trend was controlled by sellers, who were unable to sustain a bullish movement.
But buyers recovered control of the situation and drove the tokens away from the critical demand area near $0.56.
A rise in volume was a sign of genuine market interest, not merely a brief spike.
AKT has seen one of the strongest gains in recent days and gained attention from traders across all altcoin markets.
Why do futures traders still sell?
Even though the recovery was strong, the order flow for futures paints a completely different picture.
FuturesTaker CVD was still dominated by the sellers. This indicates that market buyers continued to dominate aggressive sales orders.
The divergence suggests that participants were more interested in reducing their exposure to risk or securing profits than chasing higher prices.
Although AKT rose sharply in price, traders of derivatives did not embrace it fully.
Such situations often cause uncertainty as price increases occur while the pressure on sell-side continues.
Nevertheless, this was absorbed by buyers throughout the whole session. In the short term, this resilience boosted the bullish narrative.
The persistent dominance of sellers is still a factor to be monitored, as sustained rallies are typically aided by heightened participation from the buy side across all futures markets.
AKT gains support with the return of bulls
AKT recovered the main support zone at $0.567, and had one of the strongest recoveries since early June. This recovery has also pushed the price up above its recent levels of consolidation, showing that the buyers have regained their control over short-term trends.
Technically, from a daily MACD perspective, a bullish cross-over was delivered as the MACD shifted higher towards the signal line.
After a prolonged bearish phase histograms bars also showed a marked improvement, showing heightened buying interest.
Now, the price has approached the resistance area of $0.827 which was previously an area for rejection.
If you can break through that area, it could lead to the $1.00 psychological level.
The current bullish pattern will be maintained if buyers defend the recently reclaimed support level of $0.567.
Binance traders continue to support the rally
The Binance data on traders’ positions showed top traders were largely in favor of the upswing despite persistent sell pressure.
On June 14th, 62.13% top traders held long positions while only 378.7% were short.
The resultant long-to short ratio was 1,64. It reflects a strong bullish bias by experienced participants.
Over the course of recent recoveries, traders have steadily increased their exposure to higher prices.
This positioning was in line with AKT’s breaking away from the support level and reinforced expectations for additional gains.
Binance’s traders remained confident in the rebound, even though many futures-takers sold aggressively.
Final summary
- AKT recovered key support after volume surged, and bullish indicators strengthened.
- Binance traders were heavily long, despite the continued dominance of sellers in futures.
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Source: ambcrypto.com
