As we step into July, the cryptocurrency landscape is witnessing a significant shift. After a recent market crash, Bitcoin price has surged to $63,000, and the broader AI token sector has emerged as a standout performer. With the AI Altcoins collectively increasing in market cap by 7.5% to approximately $30 billion, the focus has turned to evaluating which of these top performers—NEAR Protocol (NEAR), Render Token (RNDR), and Bittensor (TAO)—warrants attention for buying or selling.

1. NEAR Protocol (NEAR)

NEAR Protocol has experienced a strong rebound, priced at $5.34, showing a 9.25% increase in the last day and a 3.03% growth in the past week. This layer-one blockchain is praised for its ability to handle large amounts of transactions quickly and its user-friendly development environment. It resolves the issues with transaction speeds and throughput commonly found in other blockchains.

Technical Analysis Overview:

The Exponential Moving Averages (EMAs) present a mixed outlook. Short-term indicators, suggest a buy signal, while longer-term EMAs indicate a bearish trend. The 200-day EMA aligns closely with the 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 balanced market sentiment.

Recommendation:

Given the mixed signals, NEAR may be best approached with caution. If you’re holding NEAR, it could be wise to continue monitoring the price action closely. For new investors, waiting for a clearer bullish trend or confirmation of a breakout above resistance levels might be prudent.

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:

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.
The MACD level aligns with a buy signal, indicating potential upward momentum.

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

Recommendation:

With strong short-term buy signals and overall bullish momentum, RNDR is a promising candidate for July. Investors might consider buying or holding RNDR, especially if the price shows further positive trends. Monitoring for a breakout above resistance levels could enhance gains.

3. Bittensor (TAO):

Bittensor is currently priced at $278.91, experiencing a 10.57% rise in the last day and a 4.68% increase in the last week. TAO operates a distributed machine learning platform that compensates participants depending on the quality of the information they contribute.

Technical Analysis Overview:

The EMAs predominantly indicate a sell signal. The short-term EMA is slightly above the current price, suggesting short-term resistance.

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

At 39.29, the RSI suggests that TAO is approaching oversold territory, indicating possible undervaluation.

Recommendation:

TAO presents a mixed technical outlook. The sell signals from the EMAs and the proximity to key support levels suggest caution. Investors currently holding TAO might consider holding if they believe in the long-term value of the protocol.

For new investors, waiting for confirmation of a bullish reversal or a stronger signal might be advisable.

Conclusion

As July unfolds, 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 monitor market trends closely to make informed decisions on whether to buy, sell, or hold these top-performing AI altcoins.

The post AI Altcoins are the Top Performers: Which to Buy or Sell in July? appeared first on CoinGape.

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Filed under: News - @ July 1, 2024 7:17 am