Here are 5 depin coins to buy this month.
Decentralized physical infrastructure (DePIN) powered tokens are emerging as assets to watch in the current market. These cryptocurrencies encourage the creation and maintenance of physical infrastructure on decentralized platforms.
Lumerin (LMR), Destra Network (DSYNC), AIOZ Network (AIOZ), StorX Network (SRX) and Storj (STORJ) are some of the DePIN coins that promise to be available in the coming months.
Destra Network (DSYNC) double-digit increase, eyes see more profits
Destra Network provides a decentralized cloud solution. The price of the native token, DSYNC, has increased by 33% in the past seven days. It currently ranks among the top-grossing DePin coins in that period.
As reviewed on the daily chart, the price movements show that the recent rally is supported by the real demand of the altcoin. This is shown by the rising Relative Strength Index (RSI). As of this writing, the Key Momentum Indicator is higher at 65.14.
The RSI measures the overbought and oversold market conditions of an asset. At 65.14, DSYNC's buying pressure is significantly higher than selling pressure.
If DSYNC continues to enjoy interest from market participants, its next price target is $0.36, the high it traded at in late May.
Lumerin (LMR) is trading above a key moving average
Lumeric (LMR) is a base layer technology that uses smart contracts to control how peer-to-peer (P2P) data streams are transmitted, delivered, and transmitted. Its native LMR has gained a lot of attention over the past week, with its price up 28% over the past seven days.
Increased demand for the token has pushed its price above the 20-day moving average (EMA), which measures the average price over the past 20 days.
When an asset's price crosses this key moving average, it indicates increasing buying pressure and is often an indicator of a continuing price rally.
Read more: What is DePIN (Decentralized Physical Infrastructure)?
If LMR continues its growth, the price will rise to $0.033.
AIOZ Network (AIOZ) trends in the ascending channel
AIOZ Network operates as a decentralized platform that uses a global network of nodes to deliver content cheaply, quickly and securely. It is powered by AIOZ token, whose price increased by 22% last week. As of this writing, the token is trading at $0.58.
The asset price has formed an upward channel on the intraday price chart. This breakout pattern occurs when the price moves between two upward trending parallel lines. The upper line serves as protection, the lower line serves as support.
At press time, AIOZ's Aroon Up Line shows growth, indicating strong market momentum. Aaron's indicator measures trend strength and identifies potential reversal points. When the upline is at or near 100, it indicates a strong uptrend, and the recent high has just been reached.
If this Deepin Token continues to rise in an upward channel, the price will reach resistance to exchange hands at $0.63.
However, if the current trend reverses course and AIOZ starts a downtrend, the price will drop to $0.53.
Buy Storj (STORJ) sparks signal
STORJ, the native token of open source cloud storage platform STORJ, has lit a buy signal. This reading is based on the negative values of the altcoin's Market Value to Realized Value (MVRV) ratio when evaluated by various moving averages.
An asset's MVRV measures the ratio between its current price and the average price at which all its coins or tokens have been acquired. When it is below zero, the market value of the asset is less than what most investors would get for their holdings. The property is considered undervalued and offers a good buying opportunity.
According to Santiment, STORJ's MVRV ratios for the 30-day and 365-day moving averages are -3.05% and -40.12%, respectively, at press time.
At the current price level, increased demand for STORJ could initiate significant growth. If this happens, the next price of the token is $0.50.
Read more: Top 9 Web3 projects that are revolutionizing the industry
For context, the altcoin currently trades at $0.43, meaning a 16% price increase is in the books.
StorX Network (SRX) climbs to a monthly high, for more gears
StorX Network is a decentralized cloud storage network. Its native token SRX rose 10% in value last week. It currently trades at
With $0.60 trading on hand at this writing, the altcoin is trading high every month. The simulation enjoys a significant bullish bias as evidenced by the positive Elder-Ray index. At press time, the indicator value is 0.0081.
This indicator measures the relationship between the strength of buyers and sellers in the market. When the value is positive, it means that bull power is dominant in the market.
Read more: Economics of Decentralized Storage Protocols
If the bulls remain dominant, SRX's next price target is $0.062, the high last traded in October 2023.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
