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Tokens that power Decentralized Physical Infrastructure Networks (DePIN) are gaining traction, making them assets that investors should watch closely.
As September nears, key DePIN coins to prioritize include Bittensor (TAO), Livepeer (LPT), Edge Matrix Computing (EMC), MultiversX (EGLD), and Arweave (AR).
Bittensor (TAO) Trends in an Ascending Channel
TAO, the altcoin powering Bittensor’s decentralized machine learning network, has seen its price rise by over 15% in the past week. Since the start of the month, the altcoin has been trading within an ascending channel.
This bullish pattern forms when an asset’s price moves between two upward-sloping parallel lines, with the upper line acting as resistance and the lower line serving as support.
Currently, TAO is nearing the upper line of this channel. A successful break above this resistance would indicate that the uptrend is likely to continue, fueled by increasing buying pressure. If this breakout occurs, TAO’s price could rally to a four-month high of $578.30.
However, if profit-taking activity ensues, TAO will change its course and trend toward support. Should the bulls fail to defend support, the DePin token’s price may trend toward its August 5 low of $163.70.
Livepeer (LPT) Climbs Above Key Moving Averages
LPT, the token powering Livepeer, a decentralized video infrastructure network, has seen its value surge by 28% in the last week. This double-digit gain has pushed the altcoin’s price above both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA), indicating strong bullish momentum.
LPT’s 20-day EMA, which tracks its average price over the past 20 trading days, currently stands at $13.73. Meanwhile, its 50-day SMA, a longer-term moving average reflecting the average closing price over the past 50 days, is at $13.35.
Trading at $14.45, LPT is currently positioned higher than both its 20-day EMA and 50-day SMA. When an asset’s price surpasses these averages, it indicates growing momentum and a likely continuation of the uptrend. Should LPT decline, these levels may act as support, enhancing the chances of a rebound.
Edge Matrix Computing (EMC) Sees Surge in Demand
Edge Matrix Computing (EMC) is a decentralized AI computing power application network, and its EMC token has seen a surge in demand over the past week. Trading at $0.22, EMC has experienced a 163% price increase, making it the DePin asset with the most growth during this period.
The token’s technical setup indicates that this price hike is driven by genuine demand. For example, its Chaikin Money Flow (CMF), which measures the flow of money into and out of an asset, is currently in an uptrend and sits at 0.13, indicating significant liquidity inflow.
Additionally, EMC’s Relative Strength Index (RSI) is at 68.90, suggesting that buying pressure is strong and outweighs sell-offs among market participants.
If demand for EMC remains high, its price could rise to $0.48, a level it last reached in May. However, with the RSI approaching the overbought zone (crossing above 70), the token may be nearing a point of buyer exhaustion, potentially leading to a pullback. If this occurs, EMC’s price could drop toward $0.07.
MultiversX (EGLD) Witnesses Spike in Bullish Bias
EGLD has experienced strong bullish sentiment over the past week, resulting in an 11% price increase. Several technical indicators suggest that this bullish trend may continue, potentially leading to further gains.
For instance, the Parabolic Stop and Reverse (SAR) indicator shows dots positioned below EGLD’s current price, signaling an ongoing uptrend. The SAR tracks an asset’s price direction and helps identify potential reversal points; when the dots are below the price, it suggests that the asset is in an upward trend, with the potential for continued growth.
Additionally, EGLD’s Awesome Oscillator (AO) is displaying green histogram bars, which typically indicate a bullish trend or the possibility of an upward reversal.
If the current bullish momentum holds, EGLD could target a price of $33.80, representing a 10% increase from its current value of $30.75. However, if market sentiment shifts from bullish to bearish, EGLD’s price could decline to $21.77, its lowest level since the August 5 market drawdown.
Arweave (AR) Shows Strong Accumulation, Trades on an Ascending Trendline
Arweave, a decentralized storage network, has seen its AR token rebound after hitting a six-month low of $16.10 on August 5. The price has since rallied, following an ascending trendline that indicates increased accumulation of AR over the past few weeks. Currently trading at $25.22, AR’s price has surged by 56%.
The Moving Average Convergence Divergence (MACD) indicator supports the potential for an extended rally. At press time, the MACD line (blue) is above the signal line (orange) and is attempting to cross above the zero line.
This suggests that the shorter-term moving average is rising faster than the longer-term one, which traders interpret as a bullish signal to go long and exit short positions.
If AR continues its uptrend, its price could reach $28.88. However, if buying pressure weakens, the DePin token may retrace and revisit its August 5 low.