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A leading cryptocurrency recently soared to $38,999, with a strong appetite for risk evident on the first day of December. Altcoins following Bitcoin, which updated its annual peak right from day one, also turned their direction upwards. If December brings the anticipated positivity, these 3 altcoins could outperform BTC.
Render (RNDR)
RNDR’s price has continued its upward movement since June 2022. This year’s rally in the popular cryptocurrency gained momentum as excitement around artificial intelligence increased demand for the token, which provides GPU rental services.
RNDR Coin reached the level of 11,000 satoshis against BTC in May and saw a breakout above the 9,000 satoshi resistance area. However, with the subsequent decline, this breakout turned out to be merely a deviation.
We then saw a low in August, and with the jump in November, the resistance area was surpassed again. If the rally continues, gains against BTC may persist and target the 12,500 region. However, closures below resistance could trigger a return to the 6,000 satoshi area.
Synthetix (SNX)
SNX Coin experienced a significant breakout from the 1,000-day resistance, escaping the long-term trend line. Such breakouts in long-term structures indicate the trend has shifted upwards. The rising divergence in RSI suggests the rally could extend. If gains against BTC continue, a 100% increase to the 17,000 satoshi resistance could be targeted.
In the opposite scenario, a drop to 6,150 satoshis is possible.
Theta Token (THETA)
The last of the altcoins that could multiply gains against Bitcoin is THETA Coin. The price, following a decreasing resistance line for 910 days since June 2021, made several attempts in October. With the support of a rising divergence in RSI, THETA Coin bulls could overcome this resistance.
If THETA closes above this trend line, it could see a 165% increase against BTC, reaching the 7,500 satoshi resistance. However, failure to break or a failed attempt could lead to a loss down to 2,000 satoshis.
- Altcoins may shine with Bitcoin’s rise.
- Breakouts indicate a bullish trend.
- Technical analysis suggests potential gains.
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