Crypto Tokens AVAX, VET, ALGO Face Bearish Trends in July

In July, the cryptocurrency market is witnessing a surge in interest for tokens backed by real-world assets (RWA), which are showing promising growth potential. These tokens are gaining traction due to their tangible value and the potential for significant returns. Among the tokens to watch are Avalanche (AVAX), VeChain (VET), and Algorand (ALGO), each with unique strengths and market dynamics.

Avalanche (AVAX) has experienced a notable decline, with a 14% drop in the past month and a 52.48% fall over the last six months. The price action has been volatile, with significant drawdowns and persistent bearish pressure. The current trading range for AVAX is between $14.82 and $21.92, with immediate resistance at $25.89 and support at $11.69. Technical indicators, such as the Awesome Oscillator at -0.664 and an RSI near 44.87, suggest that bears are in control. The overall recommendation is negative, with potential trading strategies focusing on rebounds from support levels or shorting near resistance.

VeChain (VET) has also faced challenges, with an 11.56% pullback in the past month and a 54.97% decline over the last six months. The price action has been volatile within a tight range, with modest weekly gains of 0.88%. The current trading range for VET is between $0.0173 and $0.0260, with immediate support at $0.0132 and resistance at $0.0306. The RSI is close to 46, indicating bearish pressure without a strong trend confirmation. Traders might consider a range-bound strategy, looking for potential rebounds at support levels or breakouts above resistance.

Algorand (ALGO) has experienced a downward trajectory, with a weekly decline of 6.36% and a monthly drop of 8.65%. Over the past six months, ALGO has faced a significant decline of 51.55%, indicating a strong bearish trend. The current trading range for ALGO is between $0.13 and $0.24, with secondary levels at $0.30 and $0.07. Bears dominate the market, as momentum and oscillator readings remain negative. Traders might explore short-term strategies within this range, using these levels for potential scalping opportunities. A breakout beyond these zones could indicate a shift in market sentiment.

AVAX, VET, and ALGO each bring unique strengths to the table. AVAX focuses on high-speed transactions, VET aims to enhance supply chain management, and ALGO drives efficient and secure transactions. Watching these tokens could be rewarding as they continue to develop and attract attention. The growth potential for these tokens in July is significant, and investors should keep a close eye on their performance as the month progresses.