As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. However, the DePIN sector has been particularly captivating in recent times, and I believe it is worth paying close attention to in December.
As November concludes and December 2024 arrives, investors may start to prioritize adjusting their portfolios or seeking fresh opportunities in alternative cryptocurrencies. The story behind the Decentralized Physical Infrastructure Network (DePIN) is garnering interest, making it a noteworthy area to monitor. Here are some prominent DePIN altcoins that you might want to take notice of.
Next month, I’m keeping an eye on five promising DePIN altcoins: Filecoin (FIL), Arweave (AR), Grass (GRASS), io.net (IO), and NetMind Token (NMT). This analysis from BeInCrypto points out why these cryptos could potentially generate a lot of buzz in the market, so they’re definitely worth watching!
Filecoin (FIL)
In simple terms, among the decentralized storage network altcoins to keep an eye on this December, Filecoin takes the lead with a market cap of $3.44 billion. Despite experiencing a significant drop in value during the second and third quarters, Filecoin has demonstrated resilience over the past 30 days.
During the specified timeframe, the price rose by a significant 56.22%. Yet, it remains significantly lower than its record peak, implying there’s potential for further growth ahead.
Looking at its technical aspects, the Awesome Oscillator (AO) has consistently stayed within the positive zone, signifying that momentum is generally bullish. Conversely, a negative Awesome Oscillator usually indicates a bearish momentum trend.
Should Filecoin’s positive trend continue, it could potentially reach $6.50 by early December. Conversely, a shift towards negative sentiment might prevent this increase, instead causing Filecoin’s price to dip down to approximately $4.96.
Arweave (AR)
Following closely behind as the second noteworthy DePIN coin is Arweave, a venture centered around building a decentralized storage network. In the past week, AR’s price has surged by approximately 20.98%, placing it among the top-performing altcoins within the top 100.
Currently, the token’s value stands at $21.13. A closer look at the day’s graph reveals that it reached this price as a result of the emergence of an inverted head-and-shoulders chart configuration.
The observed pattern indicates a shift from bearish to bullish, which occurred when AR hit a low of $133. Nevertheless, the token now encounters resistance at $22.05, yet it might aid AR in overcoming this barrier.
In case this event transpires, it’s possible that Arweave’s value may spike up to around $24.57 in the near future. If demand continues to build, the price might even go higher. On the flip side, if bears dominate, the price could drop down to approximately $18.96.
Grass (GRASS)
In October, BeInCrypto identified GRASS as one of the notable DeFi altcoins to keep an eye on for November. Remarkably, this newly launched venture has lived up to its billing, surging by approximately 300% over the past thirty days.
At present, GRASS is trading at $3.48 and has been forming lower peaks on its 4-hour chart, indicating a potential trend. Given this price action, it’s possible that GRASS could reach a fresh all-time high by December, potentially exceeding $3.90 in the process.
If such an event occurs, it wouldn’t seem unusual to observe GRASS priced around $5. Conversely, should the bullish trend falter, the prediction may not materialize and instead, the price might drop to approximately $2.81.
io.net (IO)
Another DePIN altcoin to watch in December is io.net, which prides itself on being the world’s largest decentralized AI computing network. Within the last 30 days, IO’s price has increased by 65.13% while trading at $2.93.
Looking at the daily graph, IO’s price has surpassed its 20-day Exponential Moving Average (EMA). This suggests a positive trend for the altcoin, indicating that the price may further increase.
Should the token maintain its current spot, there’s a possibility that its worth may surpass $4 by December. However, should the interest in IO wane, the prediction could become nullified, leading to a potential drop in the token’s value below $2.
NetMind Token (NMT)
The top DePIN altcoins to watch will be incomplete without mentioning NetMind Token, which is a token built on the BNB Chain. Today, NMT’s price is $3.76, while its trading volume has increased by 350% in the last 24 hours.
The significant increase in transactions suggests growing curiosity about the token. Over the past day, the value of NMOR has climbed by 76.10%. From September 25 to November 5, the NetMind Token’s price plummeted from $3.89 to $1.29.
Since that time, the value of bulls has continued to drive it up. By December, it’s plausible that its price may rise even further. Should this happen, the cryptocurrency might surpass the $5 mark.
But if profit-taking rises, this might not happen. Instead, NMT’s price could drop to $2.72.
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2024-11-28 15:13