Altcoins
5 Real World Assets (RWA) Altcoins to Trade in June 2024
The cryptocurrency market has observed that different types of assets take center stage 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 are tangible items with intrinsic value, such as real estate, commodities, and physical goods. These assets are increasingly being tokenized to facilitate trading and investment in digital markets.
Protocols that enable this operation have their own tokens that have noted demand; however, choosing the most optimal token for investment remains difficult.
Therefore, BeInCrypto has rounded up some of the biggest RWA altcoins that you should keep an eye on in the coming month.
Avalanche (AVAX)
Avalanche price has fallen 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 key support level of $27.72.
The relative strength index also recorded an increase. RSI is a momentum oscillator used in technical analysis to measure the speed and direction of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 indicating oversold conditions.
After bouncing from the oversold zone, AVAX could eye 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.
Learn more: How to Buy Avalanche (AVAX) and Everything You Need to Know
Avalanche Price Analysis. Source: TradingView
However, one should never neglect the volatility that the market presents. If the breach fails, Avalanche’s price could drop to $24, a loss, which would invalidate the bullish thesis.
Chain link (LINK)
Chainlink price is no different in terms of performance, with one exception. Unlike AVAX, LINK did not lose its critical support but rather bounced off it. The $12.9 level was cemented as the support floor, which gave LINK a chance to recover.
The RSI moving closer to the bullish zone above the neutral line is also a positive. Considering Chainlink’s dominance in the Oracle space, a rapid recovery would not be surprising, given demand.
After a bounce, the target price moves to $16.5 as support over the next month as broader market signals are still slightly bearish.
Learn 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 at $11.9.
Creator (MKR)
Maker, the native token of MakerDAO and the Maker Protocol, which is used to manage the Stable Coin DAIis recording 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 of this asset is already in the bullish zone and the neutral line is being tested as support. This is a good sign as it suggests that MKR is already ready to rally. If the resistance level at $2,693 is breached, a rise beyond $3,000 to $3,159 is expected before the end of July.
Learn more: Maker (MKR) Price Prediction 2023/2025/2030
On the other hand, a failed breakout would mean the loss of the recent recovery. Maker price would eventually drop to $2,271, invalidating the bullish outcome.
MANTRA (OM)
MANTRA, a relatively unknown name, is a Layer-1 Security RWA Blockchain. The chain’s claim to fame lies in its ability to provide a permissionless blockchain for permissioned applications.
The altcoin recorded a 55% growth in the first two weeks of June, closing below $1.04. However, failing to break through this level, it fell significantly, wiping out all the profits made.
Nevertheless, it managed to hold the critical support of $0.64, which has not been broken for three and a half months now. This gives OM enough strength to bounce back since the RSI is almost in the bullish zone.
Learn more: How to Invest in Real World Crypto Assets (RWA)?
Losing this support would result in devastating losses for MANTRA investors. OM could fall below $0.50, wiping out half of the profits it made in late March.
Synthetix (SNX)
Synthetix is one of the few altcoins that is not showing any bullish signs at the moment. Trading at $1.9 at the time of writing, SNX is at an eight-month low. Either way, with the $1.8 support intact, the altcoin is aiming for a recovery.
Although the RSI has not completely fallen into the oversold zone, it signals a rebound. A sustained downtrend eventually turns into an uptrend, unless it is a bear market, which is not the case for the SNX.
Thus, a recovery resulting in Synthetix price closing above $2.7 would lead to a rise above $3.0.
Learn more: Synthetix (SNX) Price Prediction 2024/2025/2030
However, if investors decide to sell before this happens in a rush to make up for losses, SNX could fall below $1.8. This would amplify the losses and push the RWA altcoin to $1.5.
Disclaimer
In accordance with the Trust Project This price analysis article is provided 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 conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.