Altcoins
5 DePin Altcoins to Add to Your Wallet in June 2024
Decentralized physical infrastructure networks (DePINs) have emerged as an innovative sector. With several projects that are making great strides to be the best in the 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 show promising technical setups and could be valuable additions to your portfolio.
Rendering (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 that you are an artist working on a project that requires intensive 3D rendering, such as creating special effects for a film. Traditionally, this would require a powerful computer, which can be expensive. Render Network lets you take advantage of the unused graphics processing unit (GPU) power of other computers on the network. People who lend their GPU power earn RNDR tokens in return.
Render’s market capitalization hovers around $3.8 billion, ranking it as the 31st largest cryptocurrency by market capitalization.
RNDR technical perspectives:
Price of rendering has shown strength over the past two months, recovering from a severe correction to the $6 level and now trading at $10. The key support level is the Ichimoku 1D cloud, as shown in the chart.
To know more: Render Token (RNDR): a guide on what it is and how it works
Rendering Price Analysis (1D). Source: TradingView
Render (RNDR) is currently trading at $10.01. Key resistance levels are $10.78, $11.30, and $13.99. These levels score 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, the latter offering a major buying opportunity if the price drops that far. The 1D Ichimoku cloud shown in the chart serves as a key support zone and a break below this cloud could represent a good buying opportunity for RNDR.
Phala (PHA)
Phala Network is a DePIN blockchain-based cloud computing service that focuses on privacy. Unlike traditional cloud services, where your data resides 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 encryption and specialized hardware.
Phala’s market capitalization hovers around $134.8 million, making it the 398th largest cryptocurrency by market capitalization. This is a highly significant small-cap cryptocurrency to consider investing in, although it also carries higher risk.
PHA technical perspectives:
The price of Phala it dropped sharply from $0.37 to $0.16 and is now trading at $0.1857. Currently, the price is lower than the daily Ichimoku cloud. If it can break through the cloud, it could present significant upside potential for investors.
Furthermore, if the price were to break below the 200 EMA in green, it could lead to further price correction, as the price is currently consolidating and finding the 200 EMA as a major support level. Monitoring these levels will be critical to making informed investment decisions.
Nosana (NOS)
Nosana is a DePIN crowd-computing platform built on Solana blockchain. It works by connecting individuals with spare CPU power on their devices to projects that require a computational boost.
In exchange, people who contribute their CPU power earn NOS tokens, the platform’s native cryptocurrency.
Why is Nosana important?
Nosana offers a unique take on cloud computing with a couple of key benefits:
- Democratized access to computing power: Projects that require intensive computational resources can access them through a distributed network, making powerful computing more convenient and accessible.
- Monetization of unused resources: Individuals with idle CPU capacity on their devices can generate additional revenue by renting it to the network.
- Eco-friendly alternative: Nosana takes advantage of underutilized personal devices, reducing reliance on large data centers that consume a significant amount of energy.
NOS technical perspectives:
Nosana (NOS) it is currently trading within the 1D Ichimoku cloud. The price has tested the lower limit of the cloud, which is a bullish signal, highlighting the importance of monitoring this technical indicator.
To know more: Is DePIN the dark horse of the next cryptocurrency bull run?
The 100 EMA D, shown in blue, serves as the main support level. A break below the 200 EMA could signal further price depreciation. Despite recent fluctuations, NOS remains an attractive coin within the Solana ecosystem.
JasmyCoin (JASMY)
Jasmy 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 perspective
Jasmy earned 100% from May 26th to today, leading to an overbought condition. We expect a correction in the $0.027 – $0.030 range, with the Ichimoku 4H cloud being a key level to watch. While the uptrend may continue, investing at current prices presents a risk.
Waiting for the 4-hour Ichimoku cloud correction could be a wise move for cautious investors.
Jasmy coin has upended many cryptocurrencies in the market capitalization ranking, becoming the 68th largest cryptocurrency by market capitalization, which currently hovers around $1.7 billion.
Golem (GLM)
Golem Network is a decentralized platform that disrupts the traditional way we access and share computing resources. In essence, it acts as a giant online marketplace for computational power.
How does the Golem network work?
Golem Network works through a peer-to-peer (P2P) system that connects 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.
- Providers: 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 descending pattern, continuing the price correction from $0.66 to $0.47. The current price is $0.49, which could be a good place to invest in GLM for the long term. If the price breaks below the $0.47 support level, it could be very bearish and potentially push the price down to $0.45 or $0.40.
To know more: Decentralized Physical Infrastructure Network (DePIN) Projects to Watch in 2024
This could represent an excellent opportunity to invest in GLM. If GLM price tests the daily Ichimoku cloud, it could be very bullish and rise volatility. Key resistance levels to watch are $0.60 and $1.
The $1 threshold was never reached, corresponding to a market capitalization of $1 billion in the current circulating supply.
Disclaimer
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