Market
RWA Tokens to Watch This November
As broader market sentiment improves and trading activity gains momentum, Real World Assets (RWAs) altcoins are also witnessing a rally.
Notable real-world asset tokens, including Maple (MPL), Clearpool (CPOOL), Parcl (PRCL), Chintai (CHEX), and LABS Group (LABS), have demonstrated significant growth in recent weeks and are among the top coins to watch in November.
Maple (MPL)
MPL, the native token of the decentralized lending platform Maple Finance, has witnessed a 39% price growth over the past week, making it one of the key RWA-based altcoins to watch in November. As of this writing, MPL is trading at $24.85, its highest since April.
MPL’s rally over the past seven days has caused its price to cross above its 20-day exponential moving average (EMA) and its 50-day small moving average (SMA). The 20-day EMA tracks the asset’s average price over the past 20 trading days, while its 50-day SMA measures its average price over the past 50 trading days.
When an asset’s price crosses above the 20-day EMA, it suggests a short-term bullish sentiment, potentially signaling that buyers are entering the market, and momentum may continue upward.
Read more: Real World Asset (RWA) Backed Tokens Explained
A cross above the 50-day SMA indicates the potential start of a medium-term uptrend, as this crossing suggests sustained buying interest. If this buying pressure persists, MPL’s price will climb to $30, a high last reached in March.
However, an uptick in profit-taking will cause the altcoin’s price to plummet toward $19.73, where major support lies. If this level fails to hold, MPL’s value will drop further to $17.30.
Clearpool (CPOOL)
Clearpool is a decentralized capital market platform that connects institutional borrowers with decentralized finance (DeFi) lenders. It is powered by its CPOOL token, whose value has skyrocketed by 32% in the last seven days, making it another RWA token to pay attention to in November.
As of this writing, CPOOL’s Aroon Up Line is 100%, confirming the strength of its current uptrend. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up Line reaches 100%, it suggests that bullish sentiment is dominant, with buyers pushing the price higher and achieving a peak within the most recent period.
If CPOOL’s uptrend strengthens, its price could rise to $0.25, the most critical barrier between its current value of $0.22 and the yearly high of $0.37. A successful break above this barrier would set it on track to approach this price peak.
Parcl (PRCL)
Parcl is a decentralized real estate trading platform. Its native token has recorded a 28% price growth in the past seven days. 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, PRCL’s RSI is in an uptrend at 60.13. This RSI reading indicates strong buying activity and suggests the potential for an extended rally.
If the demand for the altcoin is sustained, it will attempt a break above $0.31, a high it last reached in June. Should buying pressure remain, PRCL will continue its rally toward $0.46, where critical resistance lies.
However, this bullish projection will be invalidated if bearish sentiment grows. If selling pressure gains momentum, PRCL’s price will fall to its all-time low of $0.11.
Chintai (CHEX)
CHEX, the utility token of the Chintai Network, is currently trading at $0.30, marking a 22% increase over the past month. Moving average convergence/divergence (MACD) readings suggest the potential for an extended price rally, with CHEX’s MACD line (blue) positioned above its signal line (orange).
The MACD is an indicator that tracks an asset’s price trends and momentum, identifying possible buy or sell signals. When the MACD line crosses and holds above the signal line, it’s considered a bullish signal, indicating that recent price momentum is stronger than in the past — often seen as a buy signal for traders.
If buying pressure strengthens and the uptrend continues, CHEX may attempt to retest its year-to-date high of $0.42. However, renewed bearish sentiment could push the price down to a key support level around $0.14.
LABS Group (LABS)
LABS Group, powered by its LABS token, fractionalizes real estate assets into digital shares, making it a notable RWA token to watch in November.
The token has surged 14% over the past week, with its Balance of Power (BoP) indicator currently at 0.48, reflecting a bullish bias. The BoP measures the relative strength of buyers against sellers, with positive values indicating buyer control in the market.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
If buying momentum holds, LABS could climb to $0.00028, a level last seen in July. However, reduced token accumulation may drive the price down toward the support level of $0.000075.
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
Will the Cardano Coin Price Rally Continue?
ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `
Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.
Cardano Holders See Green
Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”
An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.
Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.
Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.
ADA Price Prediction: The Upward Trend Is Strong
On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.
If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.
On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.
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
ADA Sights More Growth After Breaking $0.8119
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Market
PNUT Price Nears Oversold Zone After 20% 24-Hour Decline
PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.
Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.
PNUT Current Uptrend Is Fading Away
PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.
Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.
PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.
PNUT Is Almost Reaching The Oversold Zone
PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.
The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.
The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.
If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.
PNUT Price Prediction: A 72% Correction Ahead?
If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.
Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.
On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.
Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.
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.
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