Top 5 RWA tokens for trading in September
The BeInCrypto editorial team has compiled a list of promising RWA tokens that you can make a part of your trading portfolio in the coming September
Real World Assets (RWAs) are one of the major narratives of 2024. As of the end of August, the RWA segment capitalization exceeded $10 billion. The term refers to the market for âreal worldâ assets issued in the form of tokens on the blockchain. These include items such as gold, art, real estate, traditional financial instruments and more. We've compiled a list of RWA tokens that investors should look out for this September.
At the time of writing this analysis, MKR is trading at $2,138, up about 1.5% in the last 24 hours. At the same time, the token has risen in price by more than 10% over the past seven days.
Even since August eighth, the cryptocurrency has been trading in a narrow range between $1,868 and $2,201. Bears are putting pressure on Maker and trying to push its price below the psychologically important $2,000 level. However, strong support at $2,024 is able to keep the price above these values.
In a better case, MKR will get a chance to break to the 61.8% Fibonacci level at $2,259. In such a scenario, the altcoin could climb to the 38.2% Fibonacci level at $2,590 by the end of September.
Ondo (ONDO)
The next promising RWA token on our list is Ondo, which is trading at $0.6913 as of this writing. Over the day it showed a slight decrease of 2.5%, and over the past week - no pronounced dynamics. At the same time, over the past 30 days, the price of the cryptocurrency has fallen by more than 28%.
At first glance, such a fact may seem discouraging, but in fact, the current drawdown is a promising opportunity to strategically buy ONDO.
Blackrock's actions hint at the altcoin's imminent recovery. The investment giant is actively buying up this token. Based on the current pace of purchases, we can assume that Blackrock will buy more ONDO in September.
Meanwhile, a pattern called a descending triangle is forming on the chart. It signals the fatigue of sellers and hints at a possible drawdown of the token to the $0.65 support level.
Next, Ondo will get a chance to bounce from this level. If buyers show more initiative, the altcoin could rise 90%, potentially reaching $1.25.
We told you which altcoins could benefit from the growing popularity of DePin, RWA and AI. Read all the details in our special piece.
In third place on our list is the Pendle token. At the moment, it is trading at $3.18, having lost more than 6% over the day. At the same time, the altcoin showed a 15+% growth during the week.
Now the PENDLE team is actively unlocking tokens. Although they arrive on the market in rather small portions, such activity can still affect the price of the cryptocurrency.
At the time of writing this analysis, OM is trading at $0.922, having fallen 2+% overnight. The RWA token is up nearly 10% over the past seven days and an impressive 4,900% over the past 365 days.
Earlier in July, Mantra updated ATH but then fell 33% from its peak. The daily chart shows that the altcoin is approaching a critical support level at $0.93. If it breaks this support, the price could drop to $0.85, which seems to be a strong zone for a potential rebound.
In the most favorable scenario, the OM price could rise to $1.11. However, a general market sell-off could disrupt this bullish outlook, bringing the price down to $0.79.
Read about why RWA needs 24/7 protection in our article.
Axelar (AXL)
Rounding out our list of RWA tokens to keep an eye on in September is Axelar. At the time of writing, AXL is hovering near $0.5789, having broken the descending triangle.
If the cryptocurrency is able to maintain its bullish momentum and not fall below $0.48, it could be on track to reach $0.80 or higher in September. However, if the bears seize the initiative, the token will continue to decline.