Altcoins
AI Altcoins Are The Best Performers: Which Ones To Buy Or Sell In July?
As we enter July, the cryptocurrency landscape is experiencing a significant shift. After a recent stock market crash, Bitcoin Price climbed to $63,000, and the broader AI token sector became a notable player. With the crypto-ai coins collectively increasing in market capitalization from 7.5% to around $30 billion, the focus has shifted to assessing which top performers – NEAR Protocol (NEAR), Render Token (RNDR), and Bittensor (TAO) – deserve attention particular for the purchase or sale.
1. NEAR Protocol (NEAR)
The NEAR protocol has seen a strong rebound, priced at $5.34, showing a 9.25% increase in the last day and a 3.03% growth 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 solves transaction speed and throughput 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 longer-term EMAs indicate a bearish trend. EMA closely aligns with current price, hinting at a potential resistance point.
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 the balanced market sentiment.
Recommendation:
Given the mixed signals, it’s best to approach NEAR with caution. If you hold NEAR, it might be a good idea to continue to monitor price action closely. For new investors, it might be prudent to wait for a clearer uptrend or confirmation of a breakout above resistance levels.
Overall, NEAR has a neutral to cautiously optimistic outlook for July.
2. Render Token (RNDR)
Render Token has been one of the best performing altcoins among AI altcoins, trading at $7.85 with a 10.62% increase in the last 24 hours and a robust 13.61% gain. over the past week. Render is designed to connect artists to GPU computing power providers, leveraging a decentralized network for GPU rendering.
Technical Analysis Overview:
Short-term EMAs suggest a buy, while longer-term EMAs signal a sell. Despite this, the 200-day EMA indicates a buy, hinting at strong long-term support. MACD the level aligns with a buy signal, indicating potential upward momentum.
At 47.19, the RSI is approaching oversold conditions, suggesting 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. Monitoring a break above resistance levels could enhance gains.
3. Bittensor (TAO):
Bittensor The current stock price is $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 mainly 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 bullish move. At 39.29, the RSI suggests that TAO is approaching oversold territory, indicating possible undervaluation.
Recommendation:
TAO presents a mixed technical outlook. Sell signals from EMAs and proximity to key support levels suggest caution. Investors who currently hold TAO may want to 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 the month of July unfolds, the AI altcoin sector demonstrates strong recovery and strong 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 upside potential and TAO offers a cautious approach with mixed signals. Investors should consider this information and closely monitor market trends to make informed decisions about buying, selling, or holding these top-performing AI altcoins.