5 AI Tokens to Sell Before October Closes

TAO, ICP, RENDER, GRT, and GLM are currently among the top AI altcoins to sell despite the crypto market entering a Q4 rally.

The artificial intelligence sector has emerged as one of the most promising and innovative developments in 2024. While various altcoins harness artificial intelligence (AI) to disrupt industries and drive technological advancements, investors can consider these assets to sell as they could underperform in Q4.

5 AI Tokens to Sell Before October Closes

Despite the crypto market entering a Q4 rally, TAO, ICP, RENDER, GRT, and GLM are currently among the top AI altcoins to sell. Their expected correction is driven by factors such as whale selling, bearish price patterns, centralization concerns, or weakness in the derivative market.

Bittensor (TAO)

Bittensor is a decentralized AI network that enables users to contribute and earn rewards by sharing their machine-learning models. Throughout September and early October, the TAO price experienced a significant recovery, rising from $219 to $682, marking a 210% surge.

However, given that no trend remains consistent in a tradable asset, the Bittensor price is now poised for a substantial correction. The coin price is currently trading at $558, just 2.8% away from offering a breakdown below $542 and the 23.6% Fibonacci retracement level.

This breach will amplify the selling momentum and trigger a prolonged downfall in TAO coins.

Internet Computer (ICP)

Next on our list of AI altcoins to sell is Internet Computer, which is currently trading at $8.03 with a market cap of $3.79 Billion. Over the past four months, the ICP price has traded sideways within a bear pennant pattern.

Theoretically, this consolidation within two converging trendlines indicates a temporary lull for sellers to regain bearish momentum. As such, the ICP price could drop by 4% before encountering the bottom support trend.

A potential breakdown will accelerate the bearish momentum and resume the prevailing downtrend.

Render (RENDER)

Render is a decentralized GPU rendering network that provides creators and developers with access to distributed computing power for rendering high-quality graphics and visual effects. Since early June, the Render price has been trading sideways within a range of $6.2 to $3.36.

While the coin price consolidated, there has been a notable increase in the Render supply held by top addresses, surging from 51.5% to 74.6%, according to data from Santiment. While this could indicate increasing confidence among large holders, retail traders should proceed with caution.

The majority of the supply is controlled by a small group, which raises concerns regarding centralization and the potential for market manipulation.

The Graph (GRT)

Similar to other AI altcoins to sell, the Graph coin also shows a multi-month consolidation trend, currently trading at $0.17 with a market cap of $1.63 Billion.

However, data from Santiment reveals that whale wallets holding between 1 million and 10 million coins have been reducing their holdings, as indicated by a decrease from 1 billion to 979.5 million coins since September. This decline suggests that large investors may be offloading their positions, potentially signaling reduced confidence in the asset or preparing for a market downturn.

Golem (GLM)

Golem is a decentralized platform that allows users to share and rent out computing power for tasks such as rendering, AI model training, and scientific simulations. Since late June, the GLM price has displayed a sideways movement, encountering resistance at the $0.4 level.

Unlike other altcoins to sell, the GLM futures open interest has remained relatively flat for months, hovering around $10.5 Million.

This stability implies that traders are neither strongly bullish nor bearish on the asset, suggesting a lack of significant speculative activity and potential price stagnation in the near term.

Frequently Asked Questions (FAQs)

1. Why should I sell AI altcoins like TAO, ICP, and RENDER before October ends?

Several AI altcoins, such as TAO, ICP, and RENDER, are poised for a correction due to factors like whale selling, bearish price patterns, or weakness in the derivative market, making them candidates to sell before October concludes.

2. What is the market outlook for Internet Computer (ICP)?

Internet Computer (ICP) has been trading sideways within a bear pennant pattern, indicating potential selling pressure. A breakout below the lower trendline could amplify the bearish momentum and align with the ICP price’s prevailing downtrend.

3. Is centralization a concern for Render (RENDER)?

Data shows that a small group of large addresses holds a majority of the Render (RENDER) supply, highlighting centralization concerns. This could potentially impact the asset’s price movements and liquidity.

The above is the detailed content of 5 AI Tokens to Sell Before October Closes. For more information, please follow other related articles on the PHP Chinese website!