- ACT’s breakout above $0.40 signals potential 2x rally, with targets at $0.50, $0.75, $1.00.
- Short term RSI at 42.45 and MACD bearish crossover suggest selling pressure, testing $0.30 support before potential consolidation.
- Ecosystem Acceleration Initiative boosts long term outlook, aligning AI innovation and partnerships with sustained ACT growth potential.
Act I announced its Ecosystem Acceleration Initiative aimed at improving innovation within the AI blockchain field. This includes merging established AI frameworks with cutting edge research, creating industry standard solutions.
Breakout from Descending Channel
ACT has been trading within a descending channel, shown by parallel trendlines since mid December 2024. However, the breakout above the channel upper boundary suggests a potential trend reversal. This movement, accompanied by increased momentum, saw the price surge from $0.33 to $0.44. The breakout indicates a possible 2x rally, with key resistance levels at $0.50, $0.75, and $1.00, while $0.40 is the immediate support.
Short Term Indicators
On a 3-hour timeframe, ACT price has pulled back from a high of $0.40, currently trading around $0.3351. The RSI at 42.45 denotes a neutral territory but slightly aligning towards bearish momentum. The MACD also shows a bearish crossover, with the MACD line below the signal line and a widening negative histogram.
These indicators suggest continued selling pressure, potentially testing the $0.30 support level. However, if the price stabilizes above $0.30, it could lead to consolidation and another upward move.
Potential for Long Term Growth
Despite the recent pullback, the overall sentiment remains bullish. The previous rally and rejection near $0.40 indicate buyer interest. The Ecosystem Acceleration Initiative’s strategic focus on community building, talent acquisition, and ecosystem growth aligns with long term bullish expectations.
The initiative’s grant program and partnerships are designed to add lasting value, benefiting both token holders and the broader AI community. If the price holds above $0.30 and regains momentum, it could retest $0.40 leading to a surge in value.
The ACT price, currently down by 23.13% in the past 24 hours but up by 18.92% over the past week, shows a dynamic market responding to both technical signals and market initiatives.
