beincrypto.com
The crypto market has been observing different kinds of assets take the spotlight every now and then, and the newest addition to this list is Real World Assets (RWA). Joining the 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 for easier trade and investment in digital markets.
The protocols enabling this operation have their own tokens that have noted demand; however, choosing the most optimal token for investment is still troublesome.
Hence, BeInCrypto has put together some of the biggest RWA altcoins that you should watch in the coming month.
Avalanche (AVAX)
Avalanche’s price fell to a seven-month low, with prices reaching levels last noted 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 is also noting an uptick. The 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.
Bouncing back from the oversold zone, AVAX could be looking at a close above $31. Once this critical support is reclaimed and RSI tests the neutral line as support, a bullish outcome will be confirmed.
Read More: How To Buy Avalanche (AVAX) and Everything You Need To Know
Nevertheless, one should never dismiss the volatility that the market presents. If the breach fails, Avalanche’s price could fall to $24, losing, which would invalidate the bullish thesis.
Chainlink (LINK)
Chainlink’s price is not different in terms of performance, except for one thing. Unlike AVAX, LINK did not lose its critical support but instead bounced off it. The level at $12.9 has been cemented as a support floor, which has given LINK a shot at recovery.
The RSI nearly closing in the bullish zone above the neutral line is also a plus point. Given Chainlink’s domination in the Oracle space, a quick recovery would not be surprising, considering its demand.
Following a bounce back, the target price is flipping $16.5 into support over the next month, as the broader market cues are still slightly bearish.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
However, if the support at $12.9 is broken owing to unanticipated reasons, LINK could slip to an eight-month low of $11.9.
Maker (MKR)
Maker, the native token of the MakerDAO and Maker Protocol, which is used to manage the stablecoin DAI, is noting active recovery. The altcoin hit a multi-month low in June, testing $2,200 as a support level, bouncing off of 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 support. This is a good sign since it suggests MKR is already poised for recovery. If the resistance level at $2,693 is breached, an uptick beyond $3,000 to $3,159 is anticipated before the end of July.
Read More: Maker (MKR) Price Prediction 2023/2025/2030
On the other hand, a failed breach would mean losing the recent recovery. Maker’s price would end up trickling down to $2,271, invalidating the bullish outcome.
MANTRA (OM)
MANTRA, a relatively unheard name, is a Layer-1 Security RWA blockchain. The chain’s claim to fame is its capability to offer permissionless blockchain for permissioned applications.
The altcoin registered 55% growth in the first two weeks of June, closing under $1.04. However, as it failed to breach this level, it fell considerably, wiping out all the profits gained.
Nevertheless, it managed to sustain the critical support of $0.64, which has been unbroken for three and a half months now. This gives OM enough strength to bounce back since the RSI is nearly in the bullish zone.
Read More: How To Invest in Real-World Crypto Assets (RWA)?
Losing this support would mean devastating losses for MANTRA’s investors. OM could fall below $0.50, wiping out half the profits noted at the end of March.
Synthetix (SNX)
Synthetix is one of the only few altcoins exhibiting no bullish sign at the moment. Changing hands at $1.9 at the time of writing, SNX is at an eight-month low. Somehow, keeping the support at $1.8 intact, the altcoin is aiming at recovery.
While the RSI has not completely dipped into the oversold zone, it is signaling a bounce back. Sustained bearishness eventually turns into bullishness unless it’s a bear market, which is not the case with SNX.
Thus, a recovery resulting in Synthetix’s price closing above $2.7 would lead to a rise above $3.0.
Read More: Synthetix (SNX) Price Prediction 2024/2025/2030
Nevertheless, if investors opt to sell before this happens in haste to offset losses, SNX could fall below $1.8. This would amplify losses and push the RWA altcoin to $1.5.