Pendle Leads RWA Tokens
Tokenizing real-world assets (RWA) involves creating digital tokens on a blockchain that representing tangible ownership. These tokens can be traded on the blockchain, providing a digital ownership representation for the corresponding real-world assets. In this article, BeInCrypto looks at three RWA tokens that have the potential for significant gains in 2024.
PENDLE is a token that offers yield tokenization. It effectively allows users to trade both the asset and its yield. Last week, the altcoin broke out from the $1.05 horizontal resistance area, which had previously provided resistance for more than 800 days. The weekly Relative Strength Index (RSI) supports the ongoing breakout.
If the upward movement continues, the next resistance will be at $2.07, which is 90% above the current price, created by the 1.61 external Fib retracement of the previous drop. Despite this bullish PENDLE price prediction, a weekly close below the $1 horizontal resistance area will invalidate the breakout.
DUSK Clears Critical Resistance
The DUSK price has traded between $0.10 and $0.30 since March 2022 and was rejected by the $0.30 horizontal resistance area in February 2023. In November 2023, the altcoin began an upward movement and broke out from a descending resistance trend line.
If DUSK breaks out from the $0.20 area, it can reach the next resistance at $0.30. Despite this bullish DUSK price prediction, if the price fails to break out above $0.20, a 40% drop to the $0.10 support area will be expected.
Centrifuge Breaks out From Long-Term Range
The CFG price has increased since the start of the year and finally broke out from the $0.40 resistance area last week, which had been in place since April 2022.
The weekly RSI supports the breakout since the indicator is above 50 and moving upwards. The first resistance area is at $0.70, and if it continues to increase and breaks out, a 260% upward movement to the next resistance at $2 will be expected.
Hot Take: Real-World Asset (RWA) Tokens Set for Gains
As we move into 2024, PENDLE, DUSK, and CFG are three RWA tokens showing strong potential for significant gains based on their recent movements and technical indicators such as RSI breakouts and long-term resistance areas being cleared.
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