RWA Altcoins to Watch for Gains in October 2024
The post RWA Altcoins to Watch for Gains in October 2024 appeared on BitcoinEthereumNews.com.
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 Pendle Daily Analysis. Source: TradingView 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…
Filed under: News - @ September 26, 2024 9:21 pm