Date: Wed, April 02, 2025 | 10:46 AM GMT
The cryptocurrency market has experienced a historically bearish first quarter, with Ethereum (ETH) suffering its worst decline since 2018, dropping a staggering 45%. This widespread downturn has significantly impacted altcoins, including Akash Network (AKT) and DeepBook Protocol (DEEP), which saw declines of 59% and 42%, respectively.
However, after this bearish trend, both AKT and DEEP are showing signs of potential reversals as they approach key resistance levels.
Akash Network (AKT)
AKT’s daily chart exhibits a falling wedge formation, a classic bullish reversal pattern. This pattern took shape following a rejection from its December 6 high of $4.95, which led to a sharp correction. AKT lost over 78% of its value, bottoming out at $1.03 on March 10, where strong buyer demand emerged to prevent further losses.
Since then, AKT has rebounded to $1.26 and is now pressing against the wedge’s upper boundary, which coincides with the 50-day moving average (MA). A decisive breakout above this resistance level, coupled with a successful retest, could propel AKT toward its next resistance at $1.93.
If momentum sustains, the price could aim for the 200-day MA and the $3.00 mark, representing a significant 138% upside from its current value.
DeepBook Protocol (DEEP)
Much like AKT, DEEP has also been locked in a falling wedge pattern since reaching its peak of $0.3449 on January 18. The subsequent downtrend dragged its price down by over 80%, reaching a low of $0.058 on March 31, where buyers began stepping in.
Since then, DEEP has managed to recover to $0.068 and is now testing the upper trendline of the wedge. The 50-day MA also aligns with this resistance, making it a crucial breakout level. If DEEP successfully breaches this level and holds above it, the price could rally toward the $0.10 resistance zone.
A further push beyond the 100-day MA could set the stage for a move toward the $0.1741 level, representing an impressive 153% gain from its current price.
What’s Next?
Both AKT and DEEP are approaching critical breakout levels. The falling wedge patterns, combined with increasing volume and bullish momentum indicators, suggest that breakouts could be on the horizon. However, a rejection at these resistance levels could lead to extended consolidation or even lower retests.
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