The cryptocurrency market is witnessing a major rebound today as markets recover from the August 5 lows that saw prices plunge to multi-month lows. In the last 24 hours, the global crypto market cap has increased by around 8% to more than $2 trillion.
Top Coins Leading Market Recovery
As the market rebounds, several cryptos are witnessing bold gains that have seen them outperform the rest of the market. These tokens are TAO, AKT, BRETT, ONDO, and AIOZ.
Bittensor (TAO)
One of the top performers in the last 24 hours is Bittensor (TAO), which has gained by over 40% in the last 24 hours. TAO was trading at $255 at the time of writing according to CoinGecko, making it one of the best performers in the cryptocurrency market.
The Relative Strength Index (RSI) stands at 61 amid intense buying pressure around the token. TAO has yet to reach the oversold region above 80, meaning that there is room for TAO to make more gains and potentially rally higher.
TAO has been among the best performers this year, with the one-year gains standing at over 300%. The token clinched an all-time high of $757 in early March.
Besides being a top performer and attracting retail interest, TAO also boasts solid fundamentals by focusing on artificial intelligence (AI).
Akash Network (AKT)
AKT is also performing well in the last 24 hours having gained by over 20%. At the time of writing, AKT was trading at $2.48 according to CoinGecko. The token has soared by more than 300% over the past year.
AKT is on a bullish trend that could continue as seen by the price indicators. The Moving Average Convergence Divergence is above the signal line, making room for further gains and a strong uptrend.
However, traders looking for short-term gains should be cautious given that the MACD histogram bars are red, indicating a potential reversal.
AKT has solid fundamentals as the Akash Network is spearheading a shift in the cloud computing space. The network is among the first entrants into the decentralized physical infrastructure networks (DePINs). DePIN is a novel concept in the blockchain industry that seeks to bring decentralization into tangible infrastructure to transform industries.
BRETT (BRETT)
Meme coins have also made a bold recovery, but the BRETT meme coin has outperformed most of these coins. In the last 24 hours, BRETT has surged by a whopping 37% to trade at $0.095 at the time of writing according to CoinGecko.
BRETT is one of the newest meme coins this year. It is among the few meme coins created on the Base layer-three network. Despite being a new entry, it has garnered much interest and exchange listings on top platforms like KuCoin.
BRETT price, like that of most top-performing meme coins, is susceptible to volatile price movements. The widening of the Bollinger bands as seen below shows that BRETT is still facing volatile price movements.
The price has also bounced from the lower Bollinger band and past the middle band, known as the 20-day Simple Moving Average (SMA). Further gains could see BRETT price hit the upper band, confirming the strength of the uptrend.
Ondo (ONDO)
ONDO has also been among the top performers in the past 24 hours, with gains above 19%. At the time of writing, ONDO was trading at $0.73 according to data from CoinGecko.
ONDO is also among the newest coins in the market, but its popularity has since soared, with its total market cap standing at over $1 billion.
The Relative Strength Index (RSI) has remained above 50, indicating strong buying pressure. Buyers also appear relentless, with sellers and short-term profit takers failing to deter the continuation of the uptrend.
Further upside for ONDO is also inevitable given the popularity of Real World Asset (RWA) tokenization. The tokenization of assets such as financial instruments has taken the blockchain and crypto world, with ONDO well-positioned in the industry.
ONDO is a decentralized platform that allows users to create and manage tokens. Its use case in RWA could see further upside for the token.
AIOZ Network (AIOZ)
The other token amassing popularity because of its involvement in the DePIN industry is AIOZ. the token has also been among the top performers in the last 24 hours, with the price increasing by around 19% in the last 24 hours. AIOZ was trading at $0.51 at the time of writing according to CoinGecko.
AIOZ has outperformed the broader cryptocurrency industry after being among the first entrants into the DePIN industry. In the past year, the token has gained by over 3,0000%.
The Moving Average Convergence Divergence (MACD) line has crossed above the signal line. Moreover, the MACD histogram bars have turned green, indicating the strength of the bullish trend. The price is also crossing above the 200-day EMA, making the case for further gains.
