The recent turmoil within the market has dragged the majority of the tokens below the crucial support levels. Meanwhile, some of the altcoins like FTM, AI tokens like FET or memecoins like WIF have been displaying significant strength. Amid the rising momentum of the tokens, the RWA tokens, which are used for real-world assets, are about to witness a significant change with the rise in the user’s attention.
The RWA tokens or real-world assets, are comprised of over 150 tokens with a market capitalisation of over $26 billion. While the volume has soared by over 12% in the past 24 hours, which has triggered the other tokens. As per the recent update, nearly $25 billion of RWA’s TVL has been deployed onto the Redbelly Network’s testnet.
In times when the majority of TVL in crypto is backed purely by speculation, the influx of cash flow into the assets will pave the way for the buy side to access them onchain from the mainnet launch. With this, the top RWA tokens remain stuck above the crucial support, aiming to reclaim the lost levels.
Avalanche (AVAX)
The Avalanche price had gained immense strength in the first few months of the year, elevating the levels close to $60. Since then, the rally has remained stuck under a steep descending trend, while the recent rebound seems to be primed to push the prices above the resistance.
The RSI remains elevated while the MACD displays a slight rise in the buying pressure, suggesting a breakout could be imminent. However, to maintain a fine upswing, the AVAX price is required to reclaim $30, which may enhance the possibility of recovering the range around $40.
Chainlink (LINK)
Chainlink price has been trading under immense bearish influence for the past few weeks which has dragged the levels close to the crucial support zone. Although the bulls have held the rally above the support, they are yet to give an offer a bullish confirmation.
The weekly trade set-up of Chainlink suggests the bulls are slowly gaining strength as the selling pressure is slowly fading off as suggested by the MACD. While the supertrend remains bearish, which suggests a rise beyond $17 may validate a rise above bearish captivity. However, the ongoing consolidation may persist for a while, which may trigger a healthy run at the beginning of the last quarter.
