The AKRO price jumped to the highest level since May 10th this year as demand for the toke rose. Akropolis has erased some of those gains and is currently trading at $0.0052, which is slightly below last week’s high of $0.0073. Its market cap has dropped to about $14.3 million, making it the 800th biggest coin in the world.
Akropolis is a relatively small blockchain project that enables people to earn returns on their crypto investments. In its application, one can save tokens like Dai, USDC, and BUSD and earn monthly returns. Alternatively, one can make money by staking the AKRO token and earn an APY of about 15%.
According to its website, the total value locked (TVL) in the ecosystem is just $1.78 million, making it a relatively small platform. The AKRO price has performed well in the past few days after it was added in Binance’s ecosystem.
The company added $AKR/$BUSD, meaning that traders in the ecosystem can now invest in it. The pair was unveiled shortly after the company added the coin into its flexible savings platform. Historically, cryptocurrency prices tend to do well when they are unveiled in an influential platform like Binance.
The four-hour chart shows that the Akropolis price made a strong recovery in the past few weeks. It rose to a high of $0.0074, which was the highest point in weeks. A closer look shows that it has formed what looks like a double-top pattern whose chin is at $0.0046. In price action analysis, a double-top pattern is usually a bearish sign. The coin remains slightly above the 25-day moving average while the MACD has moved bade a bearish divergence.
Therefore, the outlook of the Akropolis price is currently bearish, with the next key support level being at $0.0040, which is about 22% below the current level. A move above the upper side of the double-top pattern will invalidate the bearish view.
This post was last modified on Jun 02, 2022, 05:31 BST 05:31