- The RENDER price has surged by more than 40% in a week.
- The Arweave price is showing weakness near the 200-day EMA.
- Filecoin price has surpassed 20-day EMA but does not seem to continue.
The top DePIN coins of the month are RENDER, Filecoin, and AR in terms of market cap till now. All of these coins are in a bearish trend but RENDER token has shown bullishness at the bottom.
RENDER Price Has Defended the Demand Zone; Can It Turn into Reversal?
At press time, the Render crypto was being traded at $6.25 which has surged by 1.28% in the past 24 hours. The market capitalization is $2.46 Billion and the 24-hour trading volume is $88.84 Million.
As per the chart structure, the Render crypto price has remained bullish since 2023 and has gained 2500% till March 2024. The bullish trend was interrupted near the $14 hurdle and performed negatively.
It has been declining by forming lower lows and lower highs for the past few months and has reached the lower high territory. At press time, the Render price has surpassed the 20-day EMA and heading for the 200-day EMA.
If the price surpasses the 200-day EMA, buyers may become confident. Suppose the price manages to sustain over the 200-day EMA, buyers may dominate for longer.
On the other hand, if the digital asset price slips below the 20-day EMA, it would be a bearish signal. The price below the $4 mark would attract sellers for a bearish momentum.
Could the AR Price Reclaim the $50 Mark Soon?
Since March, the Arweave price has been forming a new swing low and showing weakness. The price has attempted four times to overcome the $45 hurdle but has failed.
At press time, the digital asset price had reached the lower high territory, forming negative candlesticks. The negative candlestick in the lower high zone is a bearish sign, and sellers may be looking for a new lower swing.
In contrast, if the AR price exceeds the 200-day EMA then it would be a buying signal. Suppose the chart structure manages to attract investors, a strong buying momentum can be seen for the longer term.
FIL Price Triggered a Breakout from the Falling Wedge Pattern
On a daily time frame, the Filecoin price has shaped a falling wedge pattern and has triggered a breakout. It has smashed the 20-day EMA and eyeing for the 200-day EMA which is a bullish signal.
Suppose the Filecoin crypto price surpasses the 200-day EMA, buying momentum can be seen. In Filecoin, the $6 hurdle is a crucial level and the momentum can be disturbed near this zone. Exceeding this zone might witness a strong bullish momentum.
On the other hand, if the digital asset price fails to continue then it may be a fake breakout. A fake breakout might result in strong selling pressure due to the liquidity.
Conclusion
The top DePIN coins of the month would be RENDER, Filecoin, and Arweave based on the market capitalization. According to the technical chart, the Render crypto price has found the bottom and is ready for a reversal. AR price has undergone a consolidation phase which may result in a bullish trend after the breakout. The Filecoin price has triggered a breakout from the falling wedge pattern and eyeing a sharp upmove.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
