Altcoins
5 Altcoin Real World Assets (RWA) to trade in June 2024
The cryptocurrency market has seen different types of assets rise to prominence from time to time, and the latest addition to this list is Real World Assets (RWA). Joining Artificial Intelligence (AI) altcoins in terms of popularity and demand, these tokens are a different breed altogether.
Real-world assets refer to tangible goods with intrinsic value, such as real estate, commodities, and physical goods. These assets are increasingly being tokenized to facilitate trading and investing in digital markets.
Protocols that enable this have their own tokens that have a known demand; however, choosing the most optimal token for investment is still problematic.
For this reason, BeInCrypto has rounded up some of the biggest RWA altcoins you should keep an eye on next month.
Avalanche (AVAX)
Avalanche price fell to a seven-month low, with prices reaching levels last seen in December 2023. Trading at $28.48 at the time of writing, AVAX is above a support level $27.72 key.
The relative strength index is also on the rise. RSI is a momentum oscillator used in technical analysis to measure the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 indicating oversold conditions.
Recovering from the oversold zone, AVAX could see a close above $31. Once this critical support is reclaimed and the RSI tests the neutral line as support, a bullish outcome will be confirmed.
To know more: How to Buy Avalanche (AVAX) and Everything You Need to Know
Avalanche Price Analysis. Source: Trading visualization
However, one should never discard the volatility that the market presents. If the breach fails, the price of Avalanche could drop to $24, losing ground, which would invalidate the bullish thesis.
Chain (LINK)
Chainlink price is no different in terms of performance, except for one thing. Unlike AVAX, LINK did not lose its critical support but instead bounced off it. The $12.9 level has been consolidated as a support level, giving LINK a chance to recover.
The RSI closing almost in the bullish zone above the neutral line is also a positive point. Given Chainlink’s dominance in the Oracle space, a rapid recovery would not be surprising, considering its demand.
After a bounce, the target price will turn into support at $16.5 in the coming month, as broader market signals are still slightly bearish.
To know more: Chainlink (LINK) Price Prediction 2024/2025/2030
However, if the support at $12.9 is broken due to unforeseen reasons, LINK could slide to an eight-month low of $11.9.
Manufacturer (MKR)
Maker, the native token of MakerDAO and Maker Protocol, used to manage the file stable currency COME ONis seeing an active recovery. The altcoin hit a multi-month low in June, testing $2,200 as a support level, bouncing off it to change hands at $2,457.
The RSI for this asset is already in the bullish zone and the neutral line is being tested as a support. This is a good sign as it suggests that MKR is already ready for a recovery. If the resistance level at $2,693 is breached, a rally above $3,000 to $3,159 is expected before the end of July.
To know more: Maker (MKR) Price Prediction 2023/2025/2030
On the other hand, a failed breakout would mean the recent recovery is lost. Maker’s price would eventually drop to $2,271, invalidating the bullish outcome.
MANTRA (OM)
MANTRA, a relatively unknown name, is a Level-1 Safety Blockchain RWA. The chain’s claim to fame is its ability to offer permissionless blockchain for permissioned applications.
The altcoin recorded 55% growth in the first two weeks of June, closing below $1.04. However, since it failed to break above this level, it fell significantly, erasing all the profits it had made.
However, it managed to sustain the critical support of $0.64, which has been unbroken for three and a half months now. This gives the OM enough strength to recover as the RSI is almost in the bullish zone.
To know more: How to invest in real world cryptocurrencies (RWA)?
Losing this support would mean devastating losses for MANTRA investors. OM could fall below $0.50, erasing half of the profits recorded at the end of March.
Synthetix (SNX)
Synthetix is one of the few altcoins that is not currently showing bullish signs. Changing hands at $1.90 at the time of writing, SNX is at an eight-month low. Somehow, keeping the support at $1.8 intact, the altcoin is aiming for recovery.
Although the RSI has not completely fallen into the oversold zone, it still signals a bounce. A prolonged decline eventually turns bullish unless it is a bear market, which is not the case with SNX.
Therefore, a rally that saw Synthetix price close above $2.70 would lead to a rise above $3.00.
To know more: Synthetix (SNX) Price Prediction 2024/2025/2030
However, if investors decide to sell before this happens quickly to offset losses, SNX could drop below $1.8. This would amplify losses and push altcoin RWA to $1.5.
Disclaimer
In line 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 impartial reporting, but market conditions are subject to change without notice. Always conduct your research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.