5 DePin Coins to Add to Your Portfolio in June 2024

4 months ago 48

Decentralized Physical Infrastructure Networks (DePIN) have emerged as a groundbreaking sector. With several projects taking clear strides to be the best within the category.

These projects aim to decentralize and democratize the internet’s infrastructure layer, 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.

Render (RNDR)

Render coin (RNDR) is the lifeblood of the Render Network, a special DePIN platform that utilizes blockchain tech to connect artists with unused processing power from 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 necessitate a powerful computer, which can be expensive. The Render Network lets you tap into the unused graphics processing unit (GPU) power of other computers on the network. Folks lending out their GPU power earn RNDR tokens in return.

Render’s market cap fluctuates around $3.8 billion, ranking it the 31st largest cryptocurrency by market capitalization.

RNDR Technical Outlook:

Render’s price has shown strength over the past two months, rebounding from a major correction to the $6 level and now trading at $10. The key support level is the 1D Ichimoku cloud, as shown in the chart.

If the price breaks below the cloud, it could present a good buying opportunity for RNDR.

Render (RNDR) is currently trading at $10.01. The key resistance levels are $10.78, $11.30, and $13.99. These levels mark significant points where the price has 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 dips this far. The 1D Ichimoku cloud shown in the chart acts as a key support zone, and a break below this cloud could present 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 computations on your data without ever revealing the data itself.

This is achieved through a combination of advanced cryptography and specialized hardware.

Phala’s market cap fluctuates around $134.8 million, making it the 398th largest cryptocurrency by market capitalization. This is a highly significant low-cap cryptocurrency to consider investing in, though it also carries higher risk.

PHA Technical Outlook:

Phala’s price has sharply declined 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 break above the cloud, it could present significant upside potential for investors.

Additionally, if the price breaks below the 200 EMA in green, this could lead to a 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 for making informed investment decisions.

Nosana (NOS)

Nosana is a DePIN crowd-computing platform built on the Solana blockchain. It functions by connecting individuals with spare CPU power on their devices to projects that require a computational boost.

In return, people contributing 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 advantages:

Democratized Access to Processing Power: Projects requiring intensive computational resources can access them through a distributed network, making powerful computing more affordable and accessible.
Monetization of Unused Resources: Individuals with idle CPU capacity on their devices can generate additional income by renting it out to the network.
Eco-Friendly Alternative: Nosana leverages underutilized personal devices, reducing reliance on large data centers that consume significant energy.

NOS Technical Outlook:

Nosana (NOS) is currently trading inside the 1D Ichimoku cloud. The price has tested the lower boundary of the cloud, which is a bullish sign, highlighting the importance of monitoring this technical indicator.

The EMA 100 D, shown in blue, is acting as a major support level. A breakout 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 fuels the DePIN Jasmy ecosystem. This project centers around the Internet of Things (IoT) and aims to empower users with control over their data.

JASMY Technical Outlook

Jasmy has gained 100% from May 26 to the present, leading to an overbought condition. We anticipate a correction to the $0.027 – $0.030 range, with the 4H Ichimoku cloud being a key level to watch. Although the uptrend may continue, investing at current prices presents a risk.

Waiting for the 4H Ichimoku cloud correction could be a wise move for prudent investors.

Jasmy coin has flipped many cryptos in the market cap ranking, making it the 68th largest crypto by market capitalization, 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. In essence, it acts as a giant online marketplace for computational power.

How Does Golem Network Work?

Golem Network functions through a peer-to-peer (P2P) system connecting two types of users:

Requestors: Individuals or projects need extra computing power for tasks like scientific simulations, 3D rendering, or artificial intelligence (AI) training.
Providers: People with unused processing power on their computers (CPUs or GPUs) 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 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 long-term. If the price falls below the $0.47 support level, it could be very bearish and potentially send the price down to $0.45 or $0.40.

This could present a very good opportunity to invest in GLM. If the price of GLM tests the daily Ichimoku cloud, it could be very bullish and increase volatility. Key resistance levels to watch are $0.60 and $1.

The $1 mark has never been reached, corresponding to a $1 billion market cap in the current circulating supply.

The post 5 DePin Coins to Add to Your Portfolio in June 2024 appeared first on BeInCrypto.

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