Top 5 AI Altcoins to Sell Before the End of October

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As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I’ve seen my fair share of bull and bear markets. The AI sector has always been intriguing to me due to its potential for innovation, but this year has been particularly exciting. However, when it comes to making investment decisions, I always rely on data, trends, and fundamentals rather than hype.

2024 saw the artificial intelligence field emerge as a highly dynamic and groundbreaking area of progress. Numerous alternative coins (altcoins) incorporate AI technology to shake up industries and spur technological growth. However, given their potential for underperformance in the final quarter, investors might want to think about offloading these assets.

5 AI Tokens to Sell Before October Closes

At present, TAO, ICP, RENDER, GRT, and GLM are some of the leading AI-related altcoins to consider selling, even with the crypto market experiencing a Q4 rally. This anticipated decrease is largely due to whale selling, negative price trends, worries about centralization, or vulnerabilities in the futures market.

Bittensor (TAO)

1) Bittensor is a decentralized artificial intelligence network where users can participate and gain rewards by providing their machine learning models. The price of TAO experienced an incredible increase, soaring from $219 to $682 between September and early October, representing a 210% spike in value.

However, as no trend remains the same in a tradable asset, the Bittensor price is poised for a notable correction. Currently trading at $558, the coin price is 2.8% away from offering a breakdown below $542 and 23.6% Fibonacci retracement level.

This breach will accelerate the selling momentum and trigger a prolonged downfall in TAO coins.

Internet Computer (ICP)

In simple terms, Internet Computer ranks second among AI-related cryptocurrencies we’re considering for sale right now. Its current value is at $8.03, and it boasts a market capitalization of approximately $3.79 Billion. Over the past four months, its price has moved sideways, adhering to a bear pennant chart pattern.

As an analyst, I’m suggesting that theoretically, the convergence of these two trendlines suggests a short-term pause in the market for sellers to gather strength and potentially resume their downward pressure. Therefore, it’s possible that the Internet Computer Protocol (ICP) price could decrease by approximately 4% before encountering its bottom support level.

A potential breakdown will accelerate the bearish momentum and resume the prevailing downtrend.

Render (RENDER)

Render serves as a decentralized platform for GPU rendering, empowering content creators and software developers by granting access to a vast distributed computing network. This enables them to generate high-quality graphics and visual effects. Since the beginning of June, the price of Render has been fluctuating within a band, moving between $6.2 and $3.36.

As the value of coins stabilized, the proportion of Render tokens held by leading wallets significantly increased from 51.5% to 74.6%, based on information from Santiment. This rise could suggest growing trust among major investors, but smaller investors should exercise caution.

A large portion of the available stock is primarily managed by a small number of entities, leading to increased concentration and potential for market manipulation.

The Graph (GRT)

Much like other AI-related altcoins experiencing a prolonged period of stability, The Graph Coin is presently hovering around $0.17. This stability has caused the market capitalization to fluctuate near the $1.63 mark.

It appears that data from Santiment shows a decrease in the amount of coins held by “whale” wallets (those holding between 1 million and 10 million coins) from 1 billion to 979.5 million since September. This reduction could suggest that major investors are selling off their investments, which might signal a decrease in confidence towards the asset or perhaps a readiness for an upcoming market drop.

Golem (GLM)

Golem is a platform where people can lend and borrow their computer processing capabilities for jobs like image rendering, artificial intelligence development, and scientific calculations. The value of its token, GLM, has been moving horizontally since late June, finding it difficult to break through the $0.4 resistance level.

Contrary to many other altcoins that have shown significant fluctuations when being sold, the open interest for GLM futures has stayed relatively stable over several months, hovering near the $10.5 million mark.

This balance suggests that traders aren’t excessively optimistic or pessimistic about the asset, indicating low levels of intense speculation and possible price consistency for a short period ahead.

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2024-10-22 01:54