As overall market sentiment improves, tokens that power Decentralized Physical Infrastructure Networks (DePINs) are among the top altcoin picks, showing potential gains in October.

DePIN coins to watch in the coming month include Bittensor (TAO), Robonomics Network (XRT), Render (RENDER), Anyone Protocol (ANYONE), and IAGON (IAG).

Bittensor (TAO) hits highest high in months

The value of TAO, the token that powers Bittensor’s decentralized machine learning network, has soared 78% in the past week. The altcoin is now trading at a price level not seen since April.

TAO is currently experiencing a significant bullish trend, as evidenced by its rising on-balance volume (OBV). When an asset’s OBV increases, it indicates that buyers have the upper hand in the market. Furthermore, it suggests that buying pressure is high and that traders and investors are confident in the asset’s upside potential.

Read more: How to identify and evaluate the potential of a memecoin?

Bittensor Price Analysis. Source: TradingView

If the uptrend continues, TAO could break above $651.34, turning that level into a support floor. Should that occur, the altcoin could 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

Among the top DePin tokens to watch in October, XRT is also catching the eye. The utility token of decentralized cloud storage provider Robonomics Network is trading at $4.72 after an impressive 83% surge over the past week. This makes it the fastest-growing DePIN coin in terms of development over the past seven days.

The rise in XRT’s 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 outweighing selling activity, supporting the token’s price rise.

XRT Price Analysis. Source: TradingView

Additionally, XRT’s on-balance volume (OBV), which measures the cumulative flow of money into and out of the asset, has increased by 33% over the past week. This increase 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 taking the XRT price to a monthly low of $1.84.

Render (RENDER) advances above key moving averages

RENDER is currently trading at $6.10, marking a 31% increase over the past week. This advance 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.

Currently, RENDER’s 20-day EMA, reflecting the average price over the past 20 trading days, is at $5.42. Meanwhile, the 50-day SMA, a long-term indicator that tracks the average closing price over the past 50 days, is at $5.10. This breakout suggests strong momentum for RENDER as it breaks above these critical levels.

Price Render Analysis. Source: TradingView

When an asset is trading above these key averages, its uptrend is gaining momentum and is likely to continue. If RENDER manages to convert these key levels into support, its price could move towards $7.26.

Anyone Protocol (ANYONE) Shows Uptrend

Anyone Protocol bridges traditional applications with a decentralized privacy network. Its ANYONE token is currently trading at $1.23, up 68% in the past week, making it a notable DePIN coin to watch.

Recent price performance suggests the potential for an extended rally throughout October. The Parabolic Stop and Reverse (SAR) indicator, which tracks trend direction and identifies potential reversal points, shows its dots positioned below the token’s current price.

Price Analysis Anyone. Source: TradingView

This setup signals a strong bullish trend. If the momentum continues, the price of ANYONE could rise to $1.45. However, if the market sentiment turns bearish, the token’s price could drop to $0.86.

Iagon (IAG) secures further gains

Iagon, an artificial intelligence (AI)-powered computing and storage sharing economy, has seen its utility token, IAG, surge 63% in 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 continuation of the upside. Currently, IAG’s MACD line (blue) is positioned above both its signal line (orange) and zero line, indicating that its short-term moving average is crossing over its long-term one.

Iagon Price Analysis. Source: TradingView

If the buying momentum remains strong, IAG could continue to rise and reach $0.14. However, if the buying pressure eases, the price could retreat to $0.10.

The article 5 DePin Tokens to Watch in October appeared first on BeInCrypto.