As the Decentralized Physical Infrastructure Network (DePIN) sector gains traction, November 2024 presents an opportunity for investors to capitalize on emerging altcoins in this space. These altcoins have been disrupting the crypto market by merging blockchain technology with real-world applications.
Given this trend, it seems these cryptos may continue to surge in popularity. Here are five top DePIN altcoins that investors should watch in the coming month.
Bittensor (TAO)
At the top of this list of DePIN altcoins is Bittensor, the open-source protocol that powers a decentralized, blockchain-based machine-learning network.
Bittensor’s native token, TAO, has decreased by 15% in the last 30 days, trading at $510.86. At some point in the year, the altcoin’s value was close to $800. Therefore, the recent decline suggests that TAO might have presented a buying opportunity.
On the daily chart, TAO’s price is below the 20-day Exponential Moving Average (EMA), in blue. However, the same token has yet to fall below 50 EMA (yellow). By the look of things, it is unlikely to drop below this threshold, indicating that TAO’s price might jump toward $681.85 in November.
However, this forecast might not come to pass if the DePIN altcoin drops below the 50 EMA. In that scenario, TAO might sink to $397.32.
Filecoin (FIL)
Filecoin is another altcoin in the DePIN sector to watch out for in November 2024. As the native token of the decentralized storage system, FIL has hovered around $3 and $4 for the last 30 days.
Further, it appears that this token is largely undervalued, as it is well below its yearly high. However, the daily chart shows that FIL’s price has increased by nearly 10% since October 26, indicating that bulls are determined to help the altcoin rebound.
If this continues, then Filecoin might jump above the $3.85 overhead resistance and rally toward $4.29. On the other hand, the token could reverse these gains if bulls fail in their attempt to push the price higher. In that case, the altcoin’s value might drop to $3.41.
JasmyCoin (JASMY)
This list would be incomplete without mentioning JasmyCoin, one of the top DePIN altcoins focused on the Internet of Things (IoT). JASMY currently trades around $0.019 and has a similar technical setup to FIL.
Besides that, the altcoin has formed a falling wedge, and the price is about to break out of it. Once this happens, JASMY’s price is likely to rally toward the 61.8% Fibonacci sequence level at $0.034.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
On the flip side, if the altcoin fails to break above $0.020, this prediction might be invalidated. In that case, JASMY might drop back to $0.016.
Livepeer (LPT)
LPT, the native token of the blockchain-based streaming network protocol Livepeer, is also one of the top DePIN altcoins that investors might need to watch in November 2024. One reason investors should keep an eye on this is because it is one of the few altcoins with a Grayscale Trust.
While LPT’s price has decreased by 25% in the last 30 days, it could replicate the performance of alts like Sui (SUI), which performed well after Grayscale added it. From a technical point of view, bulls have defended the $10.68 support on the LPT/USD daily chart.
Going by this bounce, the altcoin’s value is likely to continue rising into November. Without any obstacle, LPT’s price might break the $11.84 resistance and rise toward $13.27. In a highly bullish scenario, the altcoin might jump to $15.23.
On the other hand, if buying pressure wanes, the Livepeer token could drop to $9.96. Investors should be on the lookout for this.
Grass (GRASS)
Last on the list of DePIN altcoins to watch out for is Grass, the project that launched earlier this week. Despite some issues with its airdrop, GRASS is one crypto that investors should watch out for, especially as it has shown strength amid the controversy.
A major reason for GRASS’ inclusion is that it is still in price discovery mode. As such, buyers and sellers have not agreed on a fair value. But in November 2024, that is likely to happen, and due to the project’s use case and potential altcoin season, the price is likely to increase.
Read more: 10 Best Altcoin Exchanges In 2024
As seen above, the altcoin is attempting to retest $1. If that happens, GRASS’ price could inch closer to $2 next month. However, the forecast will be invalidated if token holders liquidate most of their assets.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
