Exploring New Horizons in DePIN: Altcoins to Monitor in November 2024
Amid the ongoing evolution of the Decentralized Physical Infrastructure Network (DePIN) sector, prospective investors are presented with a golden opportunity in November 2024 to delve into promising altcoins that are reshaping the cryptocurrency realm through innovative blockchain technology applications. This trend signifies a sustained uptrend in demand for these digital assets.
Surveying the Field of DePIN Altcoins
Within the realm of DePIN, five standout altcoins capture attention for investors seeking to leverage their potential growth in the upcoming month.
Bittensor (TAO)
Leading the charge is Bittensor, an open-source protocol underpinning a decentralized, blockchain-fueled machine-learning network. Despite a recent 15% dip, the current trade value of TAO is $510.86, hinting at a potential buying opportunity given its peak of around $800 earlier this year.
Analysis reveals that TAO’s price remains above the 50-day Exponential Moving Average (EMA), possibly indicating a rebound to approximately $681.85 in November. However, a breach below the 50 EMA could drive TAO down to about $397.32, underscoring the need for vigilant market monitoring.
Filecoin (FIL)
Another altcoin worth watching this November is Filecoin, the native token of a decentralized storage solution. FIL has oscillated between $3 and $4 in the last month, currently deemed undervalued compared to its yearly peak. With a nearly 10% surge since October 26 fueled by bullish sentiment, FIL might breach the $3.85 resistance level to potentially reach $4.29. Nonetheless, a failure to sustain upward momentum could lead to a retreat to $3.41.
JasmyCoin (JASMY)
JasmyCoin, with its focus on the Internet of Things (IoT), demands attention, trading at around $0.019. The promising technical setup of JASMY hints at an imminent breakout from a falling wedge pattern. If realized, the price could spike toward the 61.8% Fibonacci retracement level at $0.034. On the flip side, a failure to surpass $0.020 could negate this forecast, possibly causing drops to $0.016.
Livepeer (LPT)
Livepeer’s LPT token warrants a closer look, notably as one of the few altcoins incorporated in the Grayscale Trust. Despite a 25% decline in the last month, LPT has held steady at $10.68. Sustained bullish pressure could propel LPT past the $11.84 resistance level, aiming for $13.27 or potentially even $15.23 in an optimistic scenario. Conversely, waning buying interest may lead to a fall to $9.96.
Grass (GRASS)
Finally, Grass, a recently launched project, has showcased remarkable resilience despite initial airdrop hurdles. Still in the process of price discovery, the token’s value is yet to stabilize. However, as November unfolds, a fair price point is likely to be established by market participants, especially given the project’s utility amid an expected altcoin season. Currently striving to retest the $1 threshold, GRASS could ascend towards $2 next month unless substantial sell-offs occur.
Closing Thoughts: The Outlook for DePIN Altcoins
With the DePIN sector gaining momentum, the highlighted altcoins present enticing opportunities for investors. With volatile market conditions and potential breakthroughs on the horizon, November 2024 could prove to be a pivotal month for these cryptocurrencies. Diligent monitoring and astute investing strategies could lead to substantial returns as this innovative landscape continues to evolve. Investors are advised to conduct thorough research and seek guidance from financial professionals to make informed decisions in this dynamic space.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Market fluctuations are possible, and it is advisable to conduct personal research or seek professional advice before making any investment decisions.
