AI Altcoins are the Top Performers: Which to Buy or Sell in July?

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As an experienced analyst, I have closely followed the cryptocurrency landscape for years. With July bringing a significant shift in the market, particularly in the AI token sector, I am excited to evaluate three of its top performers—NEAR Protocol (NEAR), Render Token (RNDR), and Bittensor (TAO).

Moving into July, the cryptocurrency scene is undergoing a notable transformation following a market downturn. The price of Bitcoin has rebounded strongly to reach $63,000, while the AI token segment has been a stellar performer. The combined market capitalization of AI Altcoins has grown by an impressive 7.5% to around $30 billion. As a result, investors are now scrutinizing which top-tier gainers—NEAR Protocol (NEAR), Render Token (RNDR), and Bittensor (TAO)—deserve consideration for potential purchases or sales.

1. NEAR Protocol (NEAR)

As a crypto investor, I’m thrilled to see NEAR Protocol making significant strides. Currently priced at $5.34, it has experienced a noteworthy increase of 9.25% in just the past day and a steady growth of 3.03% over the last week. This dynamic layer-one blockchain stands out for its impressive capacity to manage large transaction volumes swiftly. Moreover, its developer-friendly environment is a game-changer, simplifying the development process for creators. NEAR Protocol effectively addresses the frequently encountered challenges with transaction speeds and throughput that are prevalent in other blockchains.

Technical Analysis Overview:

As a researcher examining the Exponential Moving Averages (EMAs), I’ve observed an intriguing dynamic. In the short term, the indicators are signaling a buy opportunity. However, longer-term EMAs convey a bearish trend. Notably, the 200-day EMA closely aligns with the current market price, implying it could serve as a potential resistance level.

The MACD level suggests potential upward momentum for the AI altcoin, which is a positive sign.

RSI at 43.15, the RSI is in a neutral zone, reflecting balanced market sentiment.

Recommendation:

With the unclear price cues, it’s important to exercise caution when dealing with NEAR. If you currently own NEAR, keep a close eye on its price movements. For those considering investment in NEAR, it may be more prudent to wait for a stronger bullish trend or confirmation of a breakout above resistance lines before making a move.

Overall, NEAR presents a neutral to cautiously optimistic outlook for July.

2. Render Token (RNDR)

Render Token has been one of the standout performers among AI altcoins, trading at $7.85 with a 10.62% increase over the last 24 hours and a robust 13.61% gain over the past week. Render is designed to connect artists with GPU compute power providers, leveraging a decentralized network for GPU rendering.

Technical Analysis Overview:

In simpler terms, the short-term moving averages recommend purchasing an asset, while the longer-term moving averages suggest selling it. However, the 200-day moving average points to a buy, suggesting robust long-term backing for the asset. Meanwhile, the MACD line aligns with a buy signal, implying a possible price increase in the future.

At 47.19, the RSI is nearing oversold conditions, suggesting that RNDR might be undervalued.

Recommendation:

Based on robust short-term buy indicators and a prevailing bullish trend, RNDR emerges as an intriguing option for investors in July. It may be prudent to either initiate or maintain positions in RNDR, with potential profits amplified by keeping tabs on price surges beyond resistance thresholds.

3. Bittensor (TAO):

Bittorrent’s current value is at $278.91, marking a 10.57% surge over the past day and a 4.68% growth in the last week. TAO runs a decentralized machine learning system, rewarding contributors based on the accuracy of the data they provide.

Technical Analysis Overview:

As a crypto investor, I’d interpret it this way: The Exponential Moving Averages (EMAs) primarily signal that it’s time to sell. Specifically, the short-term EMA sits slightly above the current market price, implying some resistance for potential short-term trades.

The MACD level provides a buy signal, which could be indicative of potential upward movement.

As a researcher examining financial data, I’ve noticed that at the 39.29 mark, the Relative Strength Index (RSI) for TAO indicates it’s nearing oversold territory. This implies that according to this technical indicator, TAO may be underpriced.

Recommendation:

TAO exhibits a complex technological stance. The triggered sell signals from the moving averages and the nearness to significant support zones advocate for prudence. For those already invested in TAO, maintaining their positions could be an option if they remain optimistic about the protocol’s future worth.

New investors may want to consider holding off on entering the market until they receive a clear sign of an uptrend or a more definitive bullish indication.

Conclusion

As I observe the crypto market in July, I notice a robust comeback of the AI altcoin sector. Three noteworthy players within this space are NEAR Protocol, Render Token, and Bittensor. Each of these coins brings unique possibilities and risks to the table.

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2024-07-01 10:30