Investor Excitement Builds Ahead of DePIN Day

One of the main drivers behind Filecoin’s price surge is anticipation for DePIN Day, scheduled for November 18. The event is expected to showcase key developments in decentralized physical infrastructure networks (DePIN).

Speculation is mounting that Filecoin may announce new corporate partnerships, ecosystem integrations, or technical upgrades related to decentralized data storage during the event. This optimism has sparked early accumulation among investors, pushing FIL prices higher ahead of the announcements.

AI Integration Strengthens Filecoin’s Position

Another major catalyst for Filecoin’s rise is its increasing connection with artificial intelligence (AI) projects. Recently, SingularityNET, Gensyn, and Bittensor have started leveraging Filecoin’s decentralized storage infrastructure for training and model data storage.

These developments highlight Filecoin’s role as a secure and scalable solution for AI-related data storage — a rapidly expanding market segment. Analysts suggest that as AI applications require massive, secure datasets, Filecoin’s infrastructure could become a core backbone for the AI data economy, boosting its long-term valuation.

Short Squeeze Fuels the Rally

From a technical perspective, the rally was amplified by a short squeeze in the futures market. On-chain data shows that open interest in Filecoin futures rose to $110 million, while trading volume surged 300% in one day, reaching $1.4 billion.

As prices rose, traders betting on declines were forced to close their positions, triggering a wave of buy orders. This rapid liquidation chain reaction further accelerated the price surge — a classic short squeeze scenario often seen during periods of low liquidity.

Technical Outlook: Bulls Take Control

Technical analysis shows that Filecoin formed a bullish engulfing pattern on the weekly chart, confirming a shift in momentum toward buyers. After breaking through the key $1.40 resistance, FIL extended its rally with strong volume.

Currently, $2.00 acts as a short-term support level, while $2.50 is viewed as the next major resistance zone. Analysts note that if momentum persists, the $2.50–$3.00 range could become the next target area. However, the RSI indicator has reached 80, suggesting the token has entered overbought territory, meaning a short-term correction may be likely before the next leg up.

Conclusion

Filecoin’s sharp rally underscores the growing influence of DePIN and AI narratives on market sentiment. Its role as a key player in AI-powered decentralized storage and digital infrastructure gives it a strong fundamental position.

While a short-term pullback is possible, analysts believe that both technical and fundamental indicators support a medium-term bullish outlook. With DePIN Day approaching and potential partnership announcements on the horizon, Filecoin could be gearing up for a broader bullish trend.

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Bitcoin Intraday Key Levels

The BTC/USDT pair has lost 0.35% in the last 24 hours and is currently trading at $104,509. The first resistance level for Bitcoin (BTC) is at $106,200, followed by $108,400 if that level is surpassed. The support levels are at $101,800 and $97,800.

Ethereum (ETH): The ETH/USDT pair has lost 0.75% in the last 24 hours and is currently trading at $3,284. The resistance levels for ETH are $3,450 initially, followed by $3,700. The support levels are $3,200 and $3,000.

Filecoin (FIL): The FIL/USDT pair has lost 0.50% in the last 24 hours and is currently trading at $4.98. The resistance levels for FIL are $5.26 and then $5.85. The support areas are $4.92, and if the decline deepens, $4.65.

Ethereum Name Service (ENS): The ENS/USDT pair has lost 1.89% in the last 24 hours and is currently trading at $33.67. The resistance levels for ENS are $36.50 initially, followed by $40.50. The support areas are $33.00, and if the decline deepens, $30.00.

Lido DAO (LDO): The LDO/USDT pair has lost 2.84% in the last 24 hours and is currently trading at $1.95. The resistance levels for LDO are $2.10 and then $2.40. The support areas are $1.70, and if the decline deepens, $1.40.

Trending Coins

In the last 24 hours, the trending coins in the crypto market include MANTRA (OM), Reploy (RAI), and Koma Inu (KOMA). Among the biggest gainers, Tribal Token (TRIBL), Vine (VINE), and Toshi (TOSHI) are leading. On the list of the biggest losers, you can find Popcat (POPCAT), AI Rig Complex (ARC), and Official Trump (TRUMP).

Bitcoin Liquidation Map

Looking at the 12-hour liquidation map for Bitcoin, the most noticeable liquidation on the upper side is at the $106,025 level with $22.51 million. On the lower side, the $103,616 level stands out with $25.13 million in liquidations.

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The post Bitcoin and Cryptocurrency Market Update: January 25 appeared first on Coin Engineer.

Coinbase International Exchange received a license from Bermuda in September 2023 to offer perpetual trading services to its customers outside the United States. The exchange also offers perpetual trading for several other altcoins, including Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Stellar (XLM), Polygon (MATIC), Bitcoin Cash (BCH), Celestia (TIA), Injective (INJ), Sei (SEI), Aptos (APT), Filecoin (FIL), Sui (SUI), Polkadot (DOT), Internet Computer (ICP), and Near Protocol (NEAR).

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According to CoinGecko data: BLAST is up 8.5% in the last 24 hours and is currently trading at $0.0153. ZRO is up 6.3% and is currently trading at $3.95. ZK is trading at $0.149.

The post Coinbase International Lists 3 New Altcoins for Perpetual Trading appeared first on Coin Engineer.

The convergence of artificial intelligence (AI) and blockchain technology is a match made in innovation heaven. Both spheres thrive on data, and their synergy unlocks revolutionary possibilities in various fields. This article delves into the top AI crypto coins poised to make waves in 2024 and beyond, empowering you to capture the potential of this transformative trend.

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Top AI Crypto Coins for 2024: A Comparative Table

AI tokens are crypto assets that power blockchain projects harnessing the power of AI. These projects span a diverse spectrum, encompassing AI marketplaces, AI-driven trading platforms, AI-powered decentralized organizations (DAOs), and more. Investing in AI tokens offers indirect exposure to these cutting-edge initiatives, potentially yielding significant returns as the AI landscape flourishes.

Best AI Coins to Invest in 2024

1. The Graph (GRT): The “Google” of blockchains, indexing and querying data seamlessly across decentralized networks. GRT fuels this ecosystem, simplifying data access and driving its growth.

2. Injective (INJ): A layer-1 blockchain empowering users to build DeFi dApps. Its robust infrastructure, including a DEX, bridges, oracles, and a smart contract layer, positions it as a comprehensive finance dApp development kit.

3. Oasis Network (ROSE): Focused on open finance and responsible data economy, Oasis prioritizes privacy and fairness. Its unique architecture separates consensus and smart contract execution, enabling privacy-focused apps at scale.

4. Render (RNDR): A decentralized network harnessing unused GPU power for rendering and AI computation. Artists leverage this network for tasks like visual effects and virtual assets, while RNDR tokens incentivize GPU providers.

5. Fetch.ai (FET): An AI and machine learning platform enabling the development and deployment of AI agents for DeFi, transportation, energy management, and other business applications. Its native token, FET, fuels transactions on the network.

6. SingularityNET (AGIX): A decentralized AI marketplace where users can create, share, and monetize AI services. With a focus on developing Artificial General Intelligence (AGI), SingularityNET aims to create human-level intelligence.

7. Ocean Protocol (OCEAN): An Ethereum-based platform facilitating data and data-based services exchange and monetization. This fosters a more efficient AI ecosystem by democratizing data access and enabling participants to monetize their datasets.

8. Filecoin (FIL): A decentralized data storage marketplace offering a secure and transparent environment for storing AI datasets. While not solely focused on AI, Filecoin contributes to the democratization of the AI economy by providing accessible storage solutions.

9. Chainlink (LINK): The leading decentralized oracle network, bridging the gap between blockchains and the outside world. Its integration into AI use cases empowers blockchains to access AI datasets through Chainlink functions.

10. Bittensor (TAO): Revolutionizing machine learning through a decentralized marketplace for AI intelligence, Bittensor fosters knowledge sharing and growth. Their approach creates a constantly evolving database of machine intelligence, accelerating innovation.

11. Cortex (CTXC): An AI-powered blockchain platform enabling the integration and execution of AI models directly on the blockchain. This democratizes AI and enhances the functionality of smart contracts, driving the evolution of intelligent blockchain applications.

Beyond the Top 10: Exploring the AI Crypto Horizon

Numeraire (NMR) deserves a special mention. This protocol powers Numerai, a hedge fund leveraging crowd-sourced AI for investments. Its native token, NMR, fuels this unique financial application.

Unleashing the Power of Self-Custody: Secure Your AI Crypto Investments

While some centralized exchanges offer certain AI tokens, many require self-custody wallets for their purchase and storage. This empowers you to control your private keys and eliminates the risk associated with third-party platforms. Tastycrypto offers self-custody wallets with various features like in-app swapping, DeFi yield generation, and NFT management.

Embrace the AI Revolution: Invest in the Future with Confidence

The synergy between AI and blockchain unlocks immense potential, and AI crypto coins offer a compelling way to participate in this transformative journey. By carefully researching and understanding the projects behind these tokens, you can make informed investment decisions and potentially reap significant rewards. Remember, self-custody is crucial for securing your AI crypto investments. So, dive into the exciting world of AI crypto and unleash the power of decentralized intelligence for your portfolio!

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The post Best AI Coins to Invest in – 2024 appeared first on Coin Engineer.