Market
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
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
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
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
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
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.
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, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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