Altcoins
AI Altcoins Are The Best: Which Ones To Buy Or Sell In July?
As we enter the month of July, the cryptocurrency landscape is witnessing a significant shift. After the recent market crash, Bitcoin Price has risen to $63,000 and the broader AI token sector has emerged as a standout performer. With the AI cryptocurrencies collectively on the rise market capitalization by 7.5% to around $30 billion, the focus has been on evaluating which of these top performers – NEAR Protocol (NEAR), Render Token (RNDR) and Bittensor (TAO) – deserve attention for purchase or sale.
1. NEAR Protocol (NEAR)
NEAR Protocol has seen a strong rebound, at a price of $5.34, showing an increase of 9.25% in the last day and a growth of 3.03% in the last week. This layer-one blockchain is praised for its ability to quickly handle large amounts of transactions and its user-friendly development environment.
It addresses transaction speed and productivity issues commonly found in other blockchains.
Technical Analysis Overview:
Exponential moving averages (EMAs) present a mixed outlook. Short-term indicators suggest a buy signal, while long-term EMAs indicate a bearish trend. The 200-day exponential moving averages EMA aligns closely with the current price, suggesting a potential resistance point.
The MACD level suggests potential upside 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:
Given the mixed signals, NEAR may be best approached with caution. If you hold NEAR, it may be wise to continue to monitor price action closely. For new investors, waiting for a clearer uptrend or confirmation of a breakout above resistance levels may be prudent.
Overall, NEAR presents a neutral to cautiously optimistic outlook for July.
2. Rendering Token (RNDR)
Render Token has been one of the strongest performers among AI altcoins, trading at $7.85 with a 10.62% increase in the last 24 hours and a robust 13.61% gain in the last week. Render is designed to connect artists with GPU computing power providers, leveraging a decentralized network for GPU rendering.
Technical Analysis Overview:
The short-term EMAs suggest a buy, while the long-term EMAs signal a sell. However, the 200-day EMA is signaling a buy, suggesting strong long-term support. MACD The level aligns with a buy signal, indicating potential upside momentum.
At 47.19, the RSI is approaching oversold conditions, which suggests that RNDR may be undervalued.
Recommendation:
With strong short-term buy signals and overall bullish momentum, RNDR is a promising candidate for July. Investors may consider buying or holding RNDR, especially if the price shows further positive trends. Tracking a break above resistance levels could enhance gains.
3. Bittensor (TAO):
Bittensor is currently trading at $278.91, up 10.57% in the past day and 4.68% in the past week. TAO operates a distributed machine learning platform that compensates participants based on the quality of the information they provide.
Technical Analysis Overview:
The EMAs are mostly indicating a sell signal. The short-term EMA is slightly above the current price, suggesting short-term resistance. The MACD level is providing a buy signal, which could be indicative of a potential upside move. At 39.29, the CSR suggests that TAO is approaching oversold territory, indicating possible undervaluation.
Recommendation:
TAO has a mixed technical outlook. Sell signals from the EMAs and proximity to key support levels suggest caution. Investors currently holding TAO may consider holding it if they believe in the protocol’s long-term value.
For new investors, it may be advisable to wait for confirmation of a bullish reversal or a stronger signal.
Conclusion
As July progresses, the AI altcoin sector demonstrates strong recovery and performance. NEAR Protocol, Render Token, and Bittensor each present unique opportunities and risks. NEAR shows a balanced outlook with mixed signals, RNDR stands out with bullish potential, and TAO offers a cautious approach with mixed signals. Investors should consider these insights and carefully monitor market trends to make informed decisions on whether to buy, sell or hold these high-performing AI altcoins.