Market
RWA Altcoins to Watch for Gains in October 2024
As the altcoin market witnesses a resurgence in activity, tokenized real-world assets (RWA) are worthy of your attention as a trader.
For those seeking to diversify their portfolios, this analysis spotlights some RWA-based altcoins that may offer gains in October.
Pendle (PENDLE)
PENDLE, the utility token for the Pendle protocol, has seen a sharp rise in value, climbing 27% over the past week, making it one of the key Real World Asset (RWA) altcoins to watch in October. Currently trading at $4.34, PENDLE has maintained a strong upward trajectory, trading above an ascending trend line in recent weeks.
This trend line indicates sustained market demand and upward momentum. If PENDLE remains above this line, its main target in the coming weeks will be the key resistance level of $6.31. However, if selling pressure increases, the price could drop below the trend line, potentially reaching $3.16.
Read more: Real World Asset (RWA) Backed Tokens Explained
It’s also important to consider the ongoing token unlocks. Pendle Protocol is set to initiate a new token unlock starting on October 2, during which 31,210 PENDLE tokens will be unlocked daily for seven consecutive days.
While this gradual release isn’t large enough to cause a significant price drop, it does increase the circulating supply, which could put slight downward pressure on the token’s value.
AVAX, the native token of the Layer-1 blockchain Avalanche, has seen an 8% spike in value over the past week, trading at $27.94 as of this writing. According to its daily chart, AVAX is nearing a significant resistance level of $28.66, which has been holding since July.
The rising Balance of Power (BoP), an indicator that measures the strength of buyers relative to sellers, suggests that a breakout above this level may soon occur. At press time, AVAX’s BoP stands at 0.64, signaling that buyers currently have more control over the market. If this buying pressure continues, AVAX could surge toward $55.07, a considerable price target.
However, should the attempt to break through the $28.66 resistance fail, the price could drop toward $17.33, as weaker buying momentum may push AVAX back toward lower support levels.
Powered by its VET token, VeChain has emerged as a pioneer in real-world enterprise applications. The recent surge in the token’s value makes it one of the key RWA assets to watch. Currently trading at $0.02, VET has seen a 14% rally over the past week, indicating the potential for continued gains.
According to its daily chart, VET recently broke above a descending triangle, a bullish technical pattern, signaling an uptrend. If the token successfully retests the breakout line, this will confirm the continuation of the uptrend, positioning VET to potentially reach $0.04 in the coming weeks.
However, if the retest of the breakout line fails, VeChain’s VET token could lose momentum and slip below the descending triangle’s support line. In such a scenario, VET’s price might drop to $0.01.
Ondo (ONDO)
ONDO is currently trading at $0.78, having experienced a 24% price hike over the past week. The growing demand for the altcoin is reflected in its rising Relative Strength Index (RSI), which tracks market conditions to identify whether an asset is overbought or oversold. At press time, ONDO’s RSI stands at 66.87, indicating strong buying activity and suggesting the potential for an extended rally.
If the current upward trend continues, ONDO’s price could reach $0.87 in the short term. Further momentum could push the price up to $1.09 if the rally persists. However, if selling pressure increases, ONDO’s price may face a decline, potentially dropping toward $0.50.
Beyond the broader market sentiment, Chainlink’s (LINK) 10% price increase over the past week has been fueled by a rise in user activity on the network. On-chain data shows a 13% increase in unique active addresses trading LINK in the past seven days.
Additionally, demand for the altcoin has surged, with the creation of new addresses for LINK trading spiking by 29% during the same period. If this demand remains strong, LINK could extend its gains to $15.47.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
However, if accumulation slows down, a pullback to $11.24 is possible. Traders should watch for signs of continued demand or potential weakening in accumulation activity.
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.
Market
XRP Price 25% Rally: Breaking Barriers and Surpassing Odds
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
Market
WisdomTree Europe Launches XRP ETP
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.
Market
Rallies 10% and Targets More Upside
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
-
Ethereum23 hours ago
Fundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market20 hours ago
South Korea Unveils North Korea’s Role in Upbit Hack
-
Market24 hours ago
Cardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Altcoin17 hours ago
Dogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
-
Altcoin22 hours ago
Why FLOKI Price Hits 6-Month Peak With 5% Surge?
-
Bitcoin15 hours ago
Marathon Digital Raises $1B to Expand Bitcoin Holdings
-
Market14 hours ago
ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin18 hours ago
Sui Network Back Online After 2-Hour Outage, Price Slips