The artificial intelligence sector has become one of the most exciting and innovative developments in 2024. While many altcoins leverage 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
TAO, ICP, RENDER, GRT, and GLM are currently among the top AI altcoins to sell despite the crypto market entering a Q4 rally. Their expected correction is driven by whale selling, bearish price patterns, centralization concerns, or weakness in the derivative market.
Bittensor (TAO)
Bittensor is a decentralized AI network that allows users to contribute and earn rewards by sharing their machine-learning models. The TAO price showcased a massive recovery from $219 to $682 from September to early October, accounting for a 210% surge.
However, as no trend remains the same in a tradable asset, the Bittensor price is poised for a notable correction. Currently trading at $558, the coin price is 2.8% away from offering a breakdown below $542 and 23.6% Fibonacci retracement level.
This breach will accelerate the selling momentum and trigger a prolonged downfall in TAO coins.
Internet Computer (ICP)
Internet Computer stands second in our list of AI altcoins to sell, currently trading at $8.03 and maintaining a market cap of $3.79 Billion. Over the past four months, the ICP price has traded sideways, resonating within a bear pennant pattern.
Theoretically, this consolidation within two conjuring trendlines indicates temporary consolidation for sellers to regain bearish momentum. Thus, the ICP price could plunge 4% before challenging 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 enables creators and developers to tap into distributed computing power to render high-quality graphics and visual effects. Since early June, the Render price has been trading sideways, ranging from $6.2 to $3.36.
While the coin price consolidated, the Render supply held by top addresses surged from 51.5% to 74.6%, according to Santiment data. While this may indicate increasing confidence among large holders, retail traders must remain cautious.
The majority of the supply is controlled by a short group, which increases centralization and the risk of market manipulation.
The Graph (GRT)
Similar to other AI altcoins to sell, the Graph coin shows a multi-month consolidation trend, to currently settle at $0.17. Consecutively, the market cap wavers at $1.63.
However, Santiment data reveals that whale wallets holding between 1 million and 10 million coins have reduced their holdings from 1 billion to 979.5 million since September. This decline indicates 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 showcased a sideways action, struggling to surpass the $0.4 resistance.
Unlike other altcoins to sell, the GLM futures open interest has remained neutral for months, wavering around $10.5 Million.
This stability implies that traders are neither highly 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)
These AI altcoins, including TAO, ICP, and RENDER, are facing potential corrections due to factors such as whale selling, bearish price patterns, and centralization concerns, making them candidates to sell before a deeper downturn.
Internet Computer (ICP) has been consolidating within a bear pennant pattern, indicating the potential for further bearish momentum
Yes, Render (RENDER) shows increased centralization, with top addresses holding 74.6% of the supply. While this may indicate confidence among large holders, it also raises the risk of market manipulation, which could negatively impact retail traders.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/top-5-ai-altcoins-to-sell-before-the-end-of-october/
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