As broader market sentiment improves, tokens that power Decentralized Physical Infrastructure Networks (DePINs) are among the altcoins showing potential gains in October.
Notable DePIN coins to watch next month include Bittensor (TAO), Robonomics Network (XRT), Render (RENDER), Anyone Protocol (ANYONE), and IAGON (IAG).
Bittensor (TAO) Climbs to Multi-Month Highs
The value of TAO, the token that powers Bittensor’s decentralized machine learning network, has spiked by 78% over the past week. The altcoin now trades at a price level last recorded in April.
TAO currently enjoys a significant bullish bias, as evidenced by its rising on-balance volume (OBV). When an asset’s OBV rises, it indicates that buyers have the upper hand in the market. It suggests that buying pressure is high, and traders and investors are confident in the asset’s potential to increase in value.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
If the uptrend continues, TAO could break above $651.34, turning this level into a support floor. Should this occur, the altcoin may be poised for a rally toward its all-time high of $774.86, last reached on April 11.
Robonomics Network (XRT) Sees Surge in Demand
XRT, the utility token of the Robonomics network, a decentralized cloud storage provider, is currently trading at $4.72, following an impressive 83% increase over the past week. It ranks as the top-performing DePIN coin in terms of growth over the last seven days.
XRT’s rising Chaikin Money Flow (CMF), which tracks the flow of money into and out of the asset, reflects solid demand. With a CMF value of 0.08, the data shows that buying pressure is outpacing selling activity, supporting the token’s price increase.
Additionally, XRT’s on-balance volume (OBV), which measures the cumulative money flow into and out of the asset, has surged 33% over the past week. This rise in OBV indicates that more buyers are entering the market, fueling the token’s price momentum. If the buying pressure continues, XRT could reach $7.71.
However, a sharp increase in profit-taking could reverse this trend, potentially driving XRT’s price down to a monthly low of $1.84.
Render (RENDER) Rallies Past Key Moving Averages
RENDER is currently trading at $6.10, marking a 31% increase over the past week. This surge has pushed the token above two key resistance levels, its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA), which have been obstacles since June.
As of now, RENDER’s 20-day EMA, reflecting the average price over the last 20 trading days, stands at $5.42. Meanwhile, the 50-day SMA, a longer-term indicator tracking the average closing price over the past 50 days, is $5.10. This breakout suggests strong momentum for RENDER as it moves past these critical levels.
When an asset trades above these key averages, its uptrend is gaining momentum and is likely to continue. If RENDER successfully flips these key levels into support, its price may rally toward $7.26.
Anyone Protocol (ANYONE) Enjoys Bullish Bias
The Anyone Protocol bridges traditional applications with a decentralized privacy network. Its ANYONE token is currently trading at $1.23, with a 68% increase over the past week, making it a notable DePIN coin to watch.
Recent price performance suggests the potential for an extended rally through October. The Parabolic Stop and Reverse (SAR) indicator, which tracks trend direction and identifies possible reversal points, shows its dots positioned below the token’s current price.
This setup signals a strong bullish trend. If the momentum holds, ANYONE’s price could climb to $1.45. However, if market sentiment turns bearish, the token’s price could fall to $0.86.
Iagon (IAG) Guarantees Further Gains
Iagon, an AI-driven shared storage and compute economy, has seen its utility token, IAG, rise by 63% over the past week. Now trading at $0.12, its highest price since June, IAG is a DePIN coin worth monitoring in the coming weeks.
The moving average convergence/divergence (MACD) indicator suggests the potential for a continued rally. As of now, IAG’s MACD line (blue) is positioned above both its signal line (orange) and the zero line, indicating that its short-term moving average is outpacing the long-term average.
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If buying momentum remains strong, IAG could rally further, potentially reaching $0.14. However, if buying pressure diminishes, the price could retreat to $0.10.
The post 5 DePin Coins to Add to Your Portfolio in October 2024 appeared first on BeInCrypto.
