Altcoins
5 DePin Altcoins to Add to Your Wallet in June 2024
Decentralized physical infrastructure networks (DePIN) have become a revolutionary sector. With several projects clearly progressing to be the best in category.
These projects aim to decentralize and democratize the infrastructure layer of the Internet, creating immense potential for growth and innovation. Here are five DePIN projects that feature promising technical setups and could be valuable additions to your portfolio.
Rendered (RNDR)
Render coin (RNDR) is the lifeblood of the Render Network, a special DePIN platform that uses blockchain technology to connect artists with the unused processing power of other people’s computers.
Imagine you’re an artist working on a project that requires intense 3D rendering, like creating special effects for a movie. Traditionally, this would require a powerful computer, which can be expensive. The rendering network allows you to harness unused graphics processing unit (GPU) power from other computers on the network. People lending their GPU power earn RNDR tokens in return.
Render’s market capitalization fluctuates around $3.8 billion, making it the 31st largest cryptocurrency by market capitalization.
RNDR technical outlook:
Rendering price has shown strength over the past couple of months, rebounding from a major correction to the $6 level and now trading at $10. The key support level is the Ichimoku 1D cloud, as shown in the chart.
Learn more: Render Token (RNDR): A Guide to What It Is and How It Works
Rendering price analysis (1D). Source: Trading View
Render (RNDR) is currently trading at $10.01. The main resistance levels are $10.78, $11.30 and $13.99. These levels mark significant points where the price previously struggled to break through. On the support side, the immediate support level is at $9.03, indicated by the EMA line.
Other crucial support levels are $8.26 and $5.28, with the latter providing a major buying opportunity if the price declines thus far. The Ichimoku 1D cloud shown in the chart acts as a key support area, and a break below this cloud could present a good buying opportunity for RNDR.
Phala (PHA)
Phala Network is a cloud computing service based on the DePIN blockchain that focuses on privacy. Unlike traditional cloud services, where your data lives on someone else’s servers, Phala offers a way to perform calculations on your data without ever revealing the data itself.
This is achieved through a combination of advanced cryptography and specialized hardware.
Phala’s market capitalization fluctuates around $134.8 million, making it the 398th largest cryptocurrency by market capitalization. This is a very important low-cap cryptocurrency to invest in, although it also carries higher risk.
PHA technical outlook:
Phala’s price declined sharply from $0.37 to $0.16 and is now trading at $0.1857. Currently, the price is below the daily Ichimoku cloud. If it manages to rise above the cloud, it could present significant upside potential for investors.
Additionally, if the price breaks below the green 200 EMA, it could lead to further price correction as the price is currently consolidating and finding the 200 EMA as an important support level. Monitoring these levels will be crucial to making informed investment decisions.
Nosana (NOS)
Nosana is a DePIN crowd computing platform built on the Solana blockchain. It works by connecting individuals with available CPU power on their devices to projects requiring increased computing.
In exchange, people who contribute their CPU power earn NOS tokens, the platform’s native cryptocurrency.
Why is Nosana important?
Nosana offers a unique approach to cloud computing with a few key advantages:
- Democratized access to processing power: Projects requiring intensive computing resources can access them through a distributed network, making powerful computing more affordable and accessible.
- Monetization of unused resources: People with unused CPU capacity on their devices can generate additional revenue by renting it out to the network.
- Ecological alternative: Nosana leverages underutilized personal devices, reducing reliance on large, power-consuming data centers.
NOS technical outlook:
Nosana (NOS) is currently trading on the 1D Ichimoku cloud. The price tested the lower boundary of the cloud, which is a bullish sign, highlighting the importance of monitoring this technical indicator.
Learn more: Is DePIN the Dark Horse in the Next Crypto Bull Run?
The 100 D EMA, shown in blue, acts as a major support level. A break below 200 EMA could signal further price depreciation. Despite recent fluctuations, NOS remains an attractive coin within the Solana ecosystem.
JasmyCoin (JASMY)
Jasmine coin (JASMY) is the native cryptocurrency that powers the DePIN Jasmy ecosystem. This project is focused on the Internet of Things (IoT) and aims to give users control over their data.
JASMY Technical Outlook
Jasmy won 100% from May 26 to today, leading to an overbought situation. We expect a correction to the $0.027 to $0.030 range, with the Ichimoku 4H cloud being a key level to watch. Although the uptrend may continue, investing at current prices poses risk.
Waiting for the Ichimoku 4H cloud to correct could be a wise decision for cautious investors.
Jasmy coin has toppled many cryptos in the market cap rankings, making it the 68th largest crypto by market cap, currently fluctuating around $1.7 billion.
Golem (GLM)
Golem Network is a decentralized platform that disrupts the traditional way we access and share computing resources. Essentially, it’s a giant online marketplace for computing power.
How does the Golem network work?
Golem Network operates via a peer-to-peer (P2P) system connecting two types of users:
- Applicants: Individuals or projects need additional computing power for tasks such as scientific simulations, 3D rendering, or artificial intelligence (AI) training.
- Suppliers: People with unused processing power on their computers (CPU or GPU) can contribute that power to the network and earn Golem’s native token, GLM.
GLM technical outlook:
GLM is trading in a downward trend, continuing its price correction from $0.66 to $0.47. The current price is $0.49, which could be a good point to invest in GLM for the long term. If the price falls below the $0.47 support level, it could be very bearish and potentially push the price down to $0.45 or $0.40.
Learn more: Decentralized Physical Infrastructure Network (DePIN) Projects to Watch in 2024
This could present a very good opportunity to invest in GLM. If GLM Price Tests Daily Ichimoku Cloud, It Could Be Very Bullish and Rise volatility. The main resistance levels to watch are $0.60 and $1.
The $1 mark has never been reached, which corresponds to a market capitalization of $1 billion in the current circulating supply.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.