Tokenization of real-world assets (RWA) involves the creation of digital tokens that represent tangible ownership on a Blockchain. These tokens provide a digital representation of ownership for the relevant real-world assets. By the way, it is possible to buy and sell them on the Blockchain. Crypto analyst Valdrin Tahiri examines 3 altcoin projects that have the potential to generate significant gains in 2024.
Pendle leads RWA altcoin projects
PENDLE is a token that offers yield tokenization. It effectively allows users to trade both the asset and its return. Last week, the altcoin broke out of the horizontal resistance area at $1.05. This critical area had previously provided resistance for more than 800 days. Last week’s close was the first close above this area since then.
Meanwhile, the Weekly Relative Strength Index (RSI) supports the ongoing breakout. Data above 50 and a bullish trend indicate that the bulls still have the advantage. On the other hand, data below 50 indicates the opposite. The RSI for the altcoin is increasing and is above 50. Additionally, PENDLE has broken away from the downtrend trend line (green). This is a bullish development that usually precedes price increases. If the uptrend continues, the next resistance will be $2.07. The resistance area is 90% above the current price formed by the 1.61 outer Fib retracement of the previous decline.
Despite this bullish PENDLE price prediction, a weekly close below the $1 horizontal resistance area would invalidate the breakout. In this case, there will be a 50% drop in the altcoin price to the $0.55 support area.
Dusk Network (DUSK) has broken through critical resistance, what’s next?
DUSK price has traded between $0.10 and $0.30 since March 2022. Both the high and low range have been confirmed many times. In February 2023, the price was rejected by the horizontal resistance area at $0.30. The altcoin then broke below a descending resistance trend line. Thus, it returned to the $0.10 support area.
In November 2023, the altcoin started an upward move and broke out of the trend line. The increase accelerated last week. Thus, it formed a high of $0.19, slightly below the $0.20 resistance area. The weekly RSI supports a continuation of the rise as the indicator moves above 50. If DUSK breaks out of the $0.20 zone, it is possible that it could reach the next resistance at $0.30. Cryptocurrency trader HaycheMac believes that the price will reach this level.
Despite this bullish DUSK price prediction, if the price fails to climb above $0.20, a 40% drop to the $0.10 support area is on the cards.
Centrifuge broke out of long-term range, altcoin is ready to explode!
cryptokoin.comAs you follow from , the CFG price has increased since the beginning of the year. Last week, CFG finally broke out of the $0.40 resistance area, which has been in place since April 2022. Cryptocurrency trader Algos_in_crypto was one of the first to note this breakout. “It’s not talked about much, but CFG broke a >500-day range,” the analyst said. said.
Meanwhile, CFG’s weekly RSI indicator is above 50. Also, it is moving upwards. So, it favors the breakout. The first resistance area is at $0.70. If the altcoin continues to rise and breaks out, a move towards the next resistance at $2 will be expected with a 260% increase.
However, if a rejection occurs at $0.70, it is possible for the altcoin price to drop by 30%. This points to the previous long-term resistance at $0.40.
The predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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