Tokens supporting Decentralized Physical Infrastructure Networks (DePIN) are emerging as notable assets in today’s market. These cryptocurrencies incentivize 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 promising DePIN coins expected to deliver returns in August.
These 5 DePin Coins Could Soar in August
Destra Network (DSYNC) Sees Double-Digit Gains, Heading Higher
Destra Network offers a decentralized cloud solution. Its native token, DSYNC, has surged by 33% in the past seven days. Currently, it ranks among the top DePIN coins in terms of gains during this period.
Analyzing the daily chart, its price volatility indicates that the recent price surge is supported by actual demand for the altcoin. This is evidenced by the rising Relative Strength Index (RSI). As of this writing, the key momentum indicator is at 65.14 and trending upwards.
RSI measures the overbought and oversold conditions of an asset. At 65.14, DSYNC’s buying pressure significantly outweighs the selling pressure.
If DSYNC continues to enjoy demand from market participants, its next price target is $0.36, the highest level it last traded at in May.
Lumerin (LMR) Trading Above Key Moving Averages
Lumerin (LMR) is a layer-1 technology platform that uses smart contracts to control how peer-to-peer (P2P) data streams are routed, accessed, and traded. LMR has gained significant attention over the past week, with nearly a 30% increase.
Increased demand for the token has pushed its price above the 20-day exponential moving average (EMA), which measures its average price over the past 20 days.
When an asset’s price rises above this key moving average, it signals increased buying pressure and is often an indicator of continued upward momentum.
If LMR maintains its upward trend, its price is projected to rise to $0.033.
AIOZ Network (AIOZ) Moving Within Ascending Channel
AIOZ Network operates as a decentralized platform using a global network of nodes to deliver content more cheaply, quickly, and securely. The platform is supported by the AIOZ token, whose value has increased by 22% in the past week. At the time of writing, the token is trading at $0.58.
The price of AIOZ has formed an ascending channel on the daily chart. This bullish pattern occurs when the price moves between two parallel upward-sloping lines. The upper line acts as resistance, while the lower line serves as support.
As of this writing, AIOZ’s Aroon indicator shows an uptrend. The Aroon indicator measures trend strength and identifies potential reversal points. When the Aroon is at or near 100, it indicates a strong uptrend.
If this DePin token continues its upward trend within the ascending channel, its price will rise to the resistance level of $0.63.
However, if the current trend reverses and AIOZ starts a downtrend, it could fall to $0.53.
Storj (STORJ) Flashes Buy Signal
STORJ, the native token of the open-source cloud storage platform Storj, has issued a buy signal. This assessment is based on the negative values in the altcoin’s MVRV ratio when viewed across different moving averages.
MVRV measures the ratio between an asset’s current price and the average price at which all its coins were purchased. When this value is below 0, the asset’s current market value is lower than the price at which most investors bought it, indicating the asset is undervalued and presents a good buying opportunity.
According to Santiment, STORJ’s MVRV ratios for the 30-day and 365-day moving averages at the time of writing are -3.05% and -40.12%, respectively.
A spike in demand for STORJ at its current price could drive an upward trend. If this happens, the token’s next price target is $0.50.
For context, the altcoin is currently trading at $0.43, meaning it has the potential to rise another 16%.
StorX Network (SRX) Reaches Monthly High
StorX Network is also a decentralized cloud storage network. Its native token, SRX, has seen a 10% increase in the past week. Currently, it is trading at $0.60, the highest level in the past month.
The token is currently on a strong uptrend, as indicated by the Elder-Ray indicator’s value of 0.0081. This indicator measures the balance between buying and selling pressure in the market. When its value is positive, it means buying pressure is dominant in the market.
If the bulls remain in control, SRX’s next price target is $0.076, the highest level it last traded at in October 2023.
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