DePIN track performance is outstanding, these 5 projects have become potential stocks
As market sentiment improves, the Decentralized Physical Infrastructure Network (DePIN) token is one of the assets to watch for performance in October. As the end of September approaches, the market may bid farewell to the dull situation. Foreign media "BeInCrypto" has also compiled 5 DePIN-related currencies worth investing in, including Bittensor ($TAO), Robonomics Network ($XRT), Render ($RENDER) ), Anyone Protocol ($ANYONE) and IAGON ($IAG).
Bittensor ($TAO): Multi-month highs fuel gains
Bittensor ($TAO), the token of the decentralized machine learning network, has increased in value by 78% in the past week, currently trading at $548, its highest level since April. There is a strong bullish bias in the market, and Bittensor's upward trend is also supported by the continued rise in its trading volume indicator - cumulative fund flow (OBV), indicating that the market demand for the currency is strong, and the buying pressure is much higher than the selling pressure. .
If this uptrend continues, $TAO is expected to break above the $651.34 resistance and turn it into support towards the all-time high of $774.86. If market sentiment remains positive, Bittensor's gains will be worth watching.
Robonomics Network ($XRT): Surge in demand, strong momentum
Robonomics Network’s $XRT, the utility token for its decentralized cloud storage network, has been on a tear recently, with its price rising 83% to $4.72 in just one week. Money flow (CMF) shows that the coin continues to have strong buying pressure, and the data shows that market funds are currently flowing more to $XRT, further driving its price growth. If this momentum continues, $XRT is expected to challenge the $7.71 price level.
However, as the possibility of profit-taking rises, investors need to be wary of a possible pullback to monthly lows of $1.84.
Render ($RENDER): Breaking above key moving averages, price could continue to climb
Render ($RENDER), which recently hit $6.1, is up 31% over the past week, managing to break above two key moving averages – the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA). This breakout indicates that $RENDER’s upward momentum is building, and if it can sustain above these moving averages, the coin could push towards $7.26.
A breakout of the moving average is often viewed as a bullish signal, indicating strong upward momentum. As long as $RENDER can maintain its current strong trend, investors should pay close attention to its future performance.
Anyone Protocol ($ANYONE): Bullish trend continues
Anyone Protocol is a platform that connects traditional applications with decentralized privacy networks. The project’s token $ANYONE has risen 68% in the past week and is currently priced at $1.23. Based on price action, $ANYONE is likely to continue rising in October. One of its indicators, the Parabolic Reversal (SAR), shows that the current uptrend remains strong.
If this trend holds, ANYONE is expected to test $1.45. However, if market sentiment turns bearish, the price could fall back to $0.86.
Chart source: TradingView $ANYONE continues to be bullish
Iagon ($IAG): Further growth expected
Iagon ($IAG) is an AI-powered shared storage and computing economics platform. Its token $IAG has risen 63% in the past week and is currently trading at $0.12, its highest price since June. According to the Moving Average Convergence/Divergence (MACD) indicator, $IAG’s short-term moving average has crossed above the long-term average, suggesting that its upward momentum is expected to continue.
If buying momentum remains strong, $IAG has the opportunity to climb further towards $0.14; however, if buying pressure subsides, the price could fall back to $0.10.
As September comes to an end, these DePIN projects are showing a strong upward trend and are potential coins worthy of investors’ close attention. As the market recovers further, these projects may become bright spots in the next wave of market conditions.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
