5 Decentralized Physical Infrastructure Network (DePIN) Projects to Watch in 2024

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

DePIN projects, a burgeoning sector within the cryptocurrency landscape, are revolutionizing the internet’s infrastructure layer by decentralizing it. These projects hold immense potential for growth and innovation. Here are five promising DePIN projects that could be valuable additions to your portfolio.

1. Render (RNDR)

Render coin (RNDR) serves as the lifeblood of the Render Network, a DePIN platform that leverages blockchain technology to connect artists with unused processing power from other people’s computers.

Imagine working on a project that demands intensive 3D rendering, such as creating special effects for a movie. Traditionally, this would necessitate a powerful computer, which can be quite expensive. The Render Network offers a solution by allowing you to tap into the unused graphics processing unit (GPU) power of other computers on the network. In return, those lending out their GPU power earn RNDR tokens.

With a market cap that fluctuates around $3.8 billion, Render ranks as the 31st largest cryptocurrency by market capitalization.

RNDR Technical Outlook:

Over the past two months, Render’s price has shown strength, 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.

Read More: Render Token (RNDR): A Guide to What It Is and How It Works

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.

2. Phala (PHA)

Phala Network is a DePIN blockchain-based cloud computing service that prioritizes 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.

With a market cap that fluctuates around $134.8 million, PHA ranks as 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.

3. Nosana (NOS)

Nosana is a crowd-computing platform built on the Solana blockchain that 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:

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.

Read More: Is DePIN the Dark Horse of the Next Crypto Bull Run?

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.

4. 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

Over the past two months, Jasmy has gained 100% from May 26 to the present, leading to an overbought condition. We anticipate a correction to the $0.0