Markets
5 Real-World Asset (RWA) Altcoins to Trade in June 2024
The crypto market has been seeing different types of assets gaining prominence every now and then, and the newest 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 items with inherent value, such as real estate, commodities, and physical goods. These assets are increasingly being tokenized to facilitate trade and investment in digital markets.
The protocols that enable this operation have their own tokens that are in notable demand; however, choosing the most ideal token for investment is still problematic.
Hence, BeInCrypto has rounded up some of the biggest RWA altcoins that you should watch out for 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 at $27.72.
The Relative Strength Index is also seeing an increase. 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 close above $31. Once this critical support is reclaimed and the RSI tests the neutral line as support, a bullish outcome will be confirmed.
See more information: How to buy Avalanche (AVAX) and everything you need to know
Avalanche price analysis. Source: Trading view
However, one should never ignore the volatility that the market presents. If the breach fails, Avalanche’s price could fall to $24, losing out, which would invalidate the bullish thesis.
Chain link (LINK)
Chainlink’s 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 was consolidated as a support floor, which gave LINK a chance to recover.
The RSI almost closing in the bullish zone above the neutral line is also a positive point. Given Chainlink’s dominance in the Oracle space, a quick recovery would not be surprising considering its demand.
Following a rally, the price target is rising $16.5 to support next month as broader market indications are still a bit bearish.
See more information: Chainlink (LINK) Price Prediction 2024/2025/2030
However, if the support at $12.9 is broken for unforeseen reasons, LINK could fall to an eight-month low of $11.9.
Creator (MKR)
Maker, the native token of MakerDAO and Maker Protocol, which is used to manage the stable coin SO, is observing active recovery. The altcoin hit a multi-month low in June, testing $2,200 as a support level, bouncing 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 primed for recovery. If the $2,693 resistance level is breached, a rise beyond $3,000 to $3,159 is expected before the end of July.
Read more: Maker (MKR) Price Prediction 2023/2025/2030
On the other hand, a failed breach would mean missing out on the recent recovery. Maker’s price would eventually fall to $2,271, invalidating the bullish outcome.
MANTRA (OM)
MANTRA, a relatively unknown name, is a layer 1 Security 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, as it failed to break this level, it fell considerably, wiping out all the profits made.
However, it managed to sustain the critical support at $0.64, which has been unbreakable for three and a half months. This gives OM enough strength to recover as the RSI is almost in the bullish zone.
See more information: How to invest in real-world crypto assets (RWA)?
Losing this support would mean devastating losses for MANTRA investors. OM could fall below $0.50, wiping out half of the gains seen in late March.
Sintetix (SNX)
Synthetix is one of the few altcoins that aren’t showing any bullish signs at the moment. Trading at $1.9 at the time of writing, SNX is at an eight-month low. Somehow, by keeping the support at $1.8 intact, the altcoin is aiming for a recovery.
While the RSI has not completely dipped into the oversold zone, it is signaling a recovery. Sustained bearishness eventually turns into bullishness unless it is a bear market, which is not the case for SNX.
Thus, a rally resulting in Synthetix price closing above $2.7 would lead to an increase above $3.0.
Read more: Synthetix (SNX) Price Prediction 2024/2025/2030
However, if investors choose to sell before this happens in a hurry to offset losses, SNX could fall below $1.8. This would amplify the losses and push the RWA altcoin towards $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 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 PolicyIt is Disclaimers have been updated.