5 DePIN Altcoins to Watch in December 2024

5 days ago 15

As November ends and December 2024 begins, investors are likely to shift their focus toward portfolio rebalancing or exploring new altcoin opportunities. The Decentralized Physical Infrastructure Network (DePIN) narrative is gaining attention, making it a key sector to watch. Here are some top DePIN altcoins to keep an eye on.

In this analysis, BeInCrypto discusses five top DePIN altcoins to watch next month, highlighting why these cryptos may garner a lot of attention in the market. They include Filecoin (FIL), Arweave (AR), Grass (GRASS), io.net (IO), and NetMind Token (NMT).

Filecoin (FIL)

Filecoin, which has a market capitalization of $3.44 billion, tops the list of DePIN altcoins to watch in December. For an altcoin that lost a chunk of its value during the second and third quarters, Filecoin has shown strength within the last 30 days.

Over this mentioned period, the price has increased by 56.22%. However, it is still largely down from its all-time high, suggesting that it still has more room to grow.

From a technical point of view, the Awesome Oscillator (AO), which measures momentum, has continued to remain in the positive region. Typically, when the AO is negative, momentum is bearish.

But when it is positive, it is bullish, which is the case with FIL. If this remains the case, the altcoin’s price might climb to $6.50 within the first few days in December. However, if momentum turns bearish, that may not happen, and Filecoin could drop to $4.96.

Arweave (AR)

Second on the list of the top DePIN coins to watch is Arweave, a project focused on a decentralized storage network. Over the last seven days, AR’s price has increased by 20.98%, making it one of the best-performing altcoins in the top 100.

At press time, the token’s price is $21.13. The daily chart shows that the altcoin hit this price due to the formation of an inverse head-and-shoulders pattern.

This pattern is a bearish to bullish reversal that was validated after AR bottomed at $133. However, the token currently faces resistance at $22.05 but could help AR breach this obstacle.

Should this happen, the Arweave’s price could climb to $24.57 in the short term. If buying pressure increases, this might be higher. However, if bears have the upper hand, the price could decrease to $18.96.

Grass (GRASS)

In October, BeInCrypto named GRASS one of the top DePIN altcoins to watch in November. Interestingly, the recently launched project did not disappoint, climbing by 300% within the last 30 days.

Currently, GRASS’ price is $3.48 and has been hitting lower highs (LH) on the 4-hour chart. Due to this price movement, the altcoin’s value could likely hit a new all-time high in December, surpassing $3.90 in the process.

If that happens, then it might not be out of place to see GRASS at $5. On the flip side, if the altcoin loses this bullish momentum, this prediction might not come to pass. Instead, it could decrease to $2.81.

io.net (IO)

Another DePIN altcoin to watch in December is io.net, which prides itself on being the world’s largest decentralized AI computing network. Within the last 30 days, IO’s price has increased by 65.13% while trading at $2.93.

On the daily chart, IO’s price has risen above the 20-day Exponential Moving Average (EMA). This position means that the trend around the altcoin is bullish, and the price might continue to climb.

If the token continues to hold this position, its value could rise above $4 in December. On the other hand, if interest in IO drops, the prediction might be invalidated, and the token could decline below $2.

NetMind Token (NMT)

The top DePIN altcoins to watch will be incomplete without mentioning NetMind Token, which is a token built on the BNB Chain. Today, NMT’s price is $3.76, while its trading volume has increased by 350% in the last 24 hours.

This surge in volume indicates rising interest in the token. NMOR’s value has increased by 76.10% since yesterday. Between September 25 and November 5, NetMind Token’s price dropped from $3.89 to $1.29.

But since then, bulls have been pushing the value higher. In December, the altcoin’s price is likely to go higher. If that is the case, the cryptocurrency could climb above $5.