5 Real World Assets (RWA) Altcoins to Trade in June 2024
Avalanche (AVAX), the leader of the Real-World Asset token category, currently has a valuation of $13.7 billion. Real-world assets (RWA) represent physical assets, like real estate or commodities, digitally tokenized on a blockchain, providing fractional ownership and liquidity.
BeInCrypto has compiled a list of the top RWA tokens that should be a part of your trading portfolio in June.
Avalanche (AVAX)The Avalanche has been consolidated between $40 and $32 for the past couple of weeks. Despite multiple tests of these ranges as resistance and support, respectively, AVAX’s attempts to break through them have failed.
Even at the time of writing, the altcoin is trading at $34, hovering closer to support of $32. The broader market cues are currently bearish, which could cause a dip in Avalanche’s price to $31.
Read More: Avalanche (AVAX) Price Prediction 2024/2025/2030
Avalanche Price Analysis. Source: TradingView
But a breakout could send it towards $45 to chart a multi-month high.
Chainlink (LINK)Chainlink’s price also follows broader market cues, which could signal a slight correction for the altcoin. The month of May proved profitable for both the asset and the investors, as the price rose by 44%.
LINK recently attempted to breach the critical barrier of $18.78, a level it also failed to break past back in April. Failure to breach it resulted in Chainlink’s price falling to $17.7, and if the decline does not stop, a drop to $16.55 is possible.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
Chainlink Price Analysis. Source: TradingView
However, a breakout above this resistance could initiate recovery from the recent losses, pushing LINK to $20 and higher.
Internet Computer (ICP)ICP has been one of the slowest-moving assets over the past month and a half, with barely any move in any direction except sideways. Still favoring the bearish bias, the altcoin has traded at $12.12 after failing to breach $15.34.
The Relative Strength Index (RSI) also struggles to signal a bullish outcome. RSI is a momentum oscillator that measures the speed and change of price movements. It oscillates between 0 and 100, indicating overbought conditions above 70 and oversold conditions below 30.
Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030
Internet Computer Price Analysis. Source: TradingView
It is currently under the neutral mark at 50.0, and testing it as a support floor would ascertain a potential recovery.
This could push ICP above the resistances of $12.91 and $15.34 to chart a rally towards $17.92.
Synthetix Network (SNX)While not among the top 50 or even the top 100 assets in the crypto market, Synthetix is still a major RWA token. With a market cap of $876 million, SNX has grown during the recent Artificial Intelligence (AI) hype surge.
However, the bullishness could not persist, resulting in a decline in Synthetix’s price. Consequently, the altcoin has been consolidated under $3.15 but is holding above $2.33.
Read More: Synthetix (SNX) Price Prediction 2024/2025/2030
Synthetix Price Analysis. Source: TradingView
If either of the price levels is broken, the consolidation thesis will be invalidated, resulting in either a rally or a breakdown.
Maker (MKR)Maker’s price is currently at a three-month low of $2,384. The altcoin has been on a downtrend since early April, falling from its high of $4,000 to its current price point.
Hovering above the support at $2,556, MKR could slip below this support. The resultant decline could send it to the low of $2,271.
Read More: Maker (MKR) Price Prediction 2023/2025/2030
Maker Price Analysis. Source: TradingView
On the other hand, bullish cues from the rest of the market could trigger MKR’s recovery. This would propel it through the resistance of $2,693 to $3,159. A breach of this resistance would invalidate the bearish thesis.
The post 5 Real World Assets (RWA) Altcoins to Trade in June 2024 appeared first on BeInCrypto.