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6 DePin Projects That Could Skyrocket After Market Recovery

Published

3 weeks ago

June 18, 2024

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Despite the current downturn in the crypto market, with Bitcoin plummeting to $65,000, Decentralized Physical Infrastructure Network (DePin) projects are drawing attention as likely contenders for substantial growth during the market’s recovery.

Industry experts forecast a strong resurgence, especially for AI-integrated DePin initiatives. These DePin projects represent the cutting edge of innovation and adaptability. While they face risks from high volatility and competition, their transformative potential offers hope for investors searching for the next significant breakthrough in the crypto ecosystem.

Crypto Analyst Discusses 6 DePin Projects

Crypto trader Kazi identifies six DePin projects potentially set for explosive growth. Cosmic Network (COSMIC) tops his list, offering online privacy through its decentralized virtual private network (VPN) services.

Despite a micro market cap of $19.46 million, which exposes it to volatility and potential market manipulation, Kazi praises its team.

“Cosmic Network is a decentralised VPN project with software and hardware nodes. It has a doxxed and an extremely hardworking team,” Kazi said.

Furthermore, Kazi draws attention to the Blendr Network (BLENDR), which focuses on Graphics Processing Unit (GPU) computing.

The project aims to build a large network of decentralized GPUs, allowing individuals to lease their unused GPU power. However, it faces competition from larger entities like io.net (IO) and Aethir (ATH).

Also on Kazi’s watchlist is DSync, part of the Destra Network, which merges decentralized cloud solutions with GPU networking to create a potent ecosystem. Kazi describes it as “Filecoin and Render on steroids,” with a market cap of $170 million. It carries the same risks of market volatility as other smaller-cap projects.

Turning to crypto mining, HashAI (HASHAI) combines artificial intelligence (AI) with mining strategies.

“HashAI scaled into one of the biggest GPU mining companies in a very short time. Massive potential once the market picks up steam,” Kazi speculated.

Nevertheless, the project might face typical mining challenges, such as rising costs and increased mining difficulty.

Another DePin project is the ATOR Protocol, which enhances The Onion Router (Tor) network through blockchain incentives. Despite its significant drop from peak levels in April 2024, Kazi remains bullish about its prospects, emphasizing upcoming product launches.

ATOR Protocol (ATOR) Price Performance. Source: TradingView

Lastly, OpSec utilizes AI to enhance blockchain infrastructure, focusing on improving security and privacy. With key partnerships and imminent product releases, the project, though small with a $45 million market cap, is poised for potentially high rewards, albeit with inherent market risks.

DeFi analyst Caff is also optimistic about the future rebound.

“I expect the AI/DePIN sector to take the spotlight again when the market bounces The key is to identify the ones with solid utility and strong teams,” Caff said.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:DePin Market Projects Recovery Skyrocket

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LayerZero On The Rise: ZRO Bullish Momentum Points To New Highs

Published

3 hours ago

July 6, 2024

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LayerZero (ZRO) is currently experiencing strong bullish momentum, positioning itself for potential new highs in the future. This sustained upward trend indicates growing investor confidence and increased market interest in the platform’s capabilities.

As ZRO continues to gain traction, technical indicators suggest that this momentum could drive the price to unprecedented levels. Traders and investors are closely monitoring this movement, anticipating further gains and strategic opportunities as LayerZero pushes toward new market peaks.

This article delves into providing an in-depth analysis of ZRO’s current bullish momentum and its potential to reach new highs. By examining current price performance and technical indicators, this article seeks to provide strategic advice for investors looking to capitalize on ZRO’s potential growth.

ZRO was trading at around $4.15 and was up by 36.66% with a market capitalization of over $456 million and a trading volume of over $816 million as of the time of writing. There has been a 24-hour increase of 36.62% and 152.75% in ZRO’s market capitalization and trading volume respectively.

Analyzing The Current Bullish Trend Of ZRO

A technical analysis of ZRO’s price action on the 1-hour chart reveals that the crypto asset is actively bullish and trading above the 100-day Simple Moving Average (SMA). Since facing rejection at the $2.69 support level, ZRO has been consistently bullish and is currently attempting to break above the $4.28 resistance level.

The formation of the 1-hour William alligator signals that the price of ZRO may continue to extend its bullish trend as both the alligator lip and teeth are currently trending above the jaw after a successful cross above it.

On the 4-hour chart, it can be observed that ZRO is actively bullish. Although the price is attempting a short-term pullback by dropping a bearish candlestick, the crypto asset may extend its bullishness in the long run.

Additionally, the 4-hour William alligator indicates more bearishness for ZRO as both the alligator lip and teeth are actively trending above the jaw after moving above it.

ZRO Price Forecast

Analyzing potential future possibilities of ZRO’s price movement reveals that if the digital asset breaks above the $4.28 resistance level, it may move higher to challenge its all-time high of $5.62. If this level is breached, ZRO might move on to create a new all-time high.

However, if the price of ZRO experiences rejection at the $4.28 resistance level, it will begin to descend toward the $3.27 support level. Should the asset breach this level, it may continue to decline to test the $2.69 support level and possibly move on to test other higher levels if it breaches the $2.69 level.

ZRO

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Market

This Is How Ripple (XRP) Price Recovery Will Take Place

Published

5 hours ago

July 6, 2024

admin

Ripple (XRP) price momentum has turned bearish, and its potential for recovery has also cooled down.

One of the biggest reasons is the lack of activity among XRP holders, rendering their optimism useless.

Ripple Investors Try but Not Too Hard

XRP price is bound to be impacted by both the attempt and lack of participation noted among the investors. The presence of XRP holders remains weak, affecting the potential for recovery.

The low level of engagement is evident, with active addresses averaging under 20,000 on a daily basis. This lack of activity suggests a decrease in short-term trading and concern about bearing losses.

However, despite the weak participation, conviction among XRP holders remains strong. This is reflected in the Mean Coin Age (MCA), which has noted an uptick. The increasing MCA indicates that investors are holding onto their XRP for longer periods, showing faith in the asset’s future potential.

The rise in MCA also suggests that investors are refraining from moving their holdings around. By holding their assets rather than engaging in frequent transactions, they demonstrate a long-term belief in XRP. This behavior is often indicative of confidence in the cryptocurrency’s eventual recovery.

While the current low level of daily active addresses is a concern, the strong conviction shown by the uptick in MCA provides a silver lining. If this trend continues, it could help stabilize XRP’s price and support a potential recovery, as long-term holders typically contribute to market stability.

XRP Price Prediction: Tall Hike Ahead

The XRP price is trading at $0.43, recovering from the lows of $0.41 over the last 24 hours. Based on the aforementioned cues, consolidation is likely under $0.46. A breach, however, could help recover the recent losses.

XRP Price Analysis. Source: Tradi n gView

But if the bearish cues continue to dominate the altcoin, the XRP price could lose the critical support of $0.41 again. This would invalidate the bullish-neutral thesis, resulting in further drawdown.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Shiba Inu (SHIB) Price Recovery Likely as Losses Run up by 42%

Published

6 hours ago

July 6, 2024

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Shiba Inu’s (SHIB) price is bouncing back from four-month lows, looking to recover the losses witnessed in the past month.

Investors also have a shot at making the most of this opportunity, as selling will likely take a break for now.

Shiba Inu Investors Lose Big

While Shiba Inu’s price only declined by 15% over the last week, the impact on investors was three times larger. The total supply in profit dropped by close to 42%, falling from 75% to 33% in a day.

This is because about 434 trillion SHIB, worth $6.7 billion, was bought between $0.00001900 and $0.00001500. As the meme coin slipped to $0.00001281 during intra-day lows yesterday, this supply lost its profitability completely. This will keep investors from selling now, as such a large supply would only be sold when it bears profit again.

Shiba Inu Supply In Profit. Source: Santiment

Furthermore, most investors anticipating recovery and profits will likely turn to accumulation. The Market Value to Realized Value (MVRV) ratio suggests a good opportunity to do so.

The MVRV ratio assesses investor profit and loss. Currently, Shiba Inu’s 30-day MVRV stands at -14.5%, indicating losses, which may lead to buying pressure.

Historically, SHIB’s MVRV between -7% and -18% usually signals the start of recoveries and rallies, marking an opportunity zone for accumulation. This could help steer Shiba Inu’s price upwards.

SHIB Price Prediction: The Critical Range

The range between $0.00001473 and $0.00002093 is critical to Shiba Inu’s price as it houses 73% of all SHIB circulating supply. For this reason, the meme coin could find considerable resistance here.

Nevertheless, investors’ attempts to recover their profits would motivate them to push SHIB upwards. Once $0.00002093 is breached, the altcoin would have a shot at profits.

Shiba Inu Price Analysis. Source: TradingView

However, if this breach fails, Shiba Inu’s price might consolidate within this range. This would continue until stronger bullish cues help the coin escape; otherwise, the bullish thesis would be invalidated.

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