A prominent cryptocurrency recently soared to $38,999, showing a robust appetite for risk on the first day of December. Bitcoin, having updated its annual peak on the very first day, is followed by altcoins that have turned their direction upwards. Should the positive December expectations materialize, these 3 altcoins could outperform BTC.
Render (RNDR)
RNDR’s price has continued its upward trajectory since June 2022. The popular cryptocurrency’s rally gained momentum this year as excitement around artificial intelligence increased demand for the token, which offers GPU leasing services.
RNDR Coin reached the 11,000 satoshi level against BTC in May and saw a breakout above the 9,000 satoshi resistance area. However, following a decline, we saw that this breakout was merely an anomaly.
We then observed a bottom in August, and with the surge in November, the resistance area was breached again. If the rally continues, gains against BTC could persist with a target of the 12,500 region. However, closes below resistance could trigger a return to the 6,000 satoshi area.
Synthetix (SNX)
Experiencing a significant breakout from the 1000-day resistance, SNX Coin has escaped its long-term trend line. Such disruptions in long-term structures indicate that the trend has shifted to bullish. The divergence in the RSI suggests that the rally might extend. If gains against BTC continue, a 100% increase to the 17,000 satoshi resistance could be targeted.
Conversely, a decline to 6,150 satoshis is possible in a reverse scenario.
Theta Token (THETA)
The last altcoin that may multiply its gains against Bitcoin is THETA Coin. Following a descending resistance line for 910 days since June 2021, the price made several attempts in October. With the support of the bullish divergence in the RSI, THETA Coin bulls may overcome this region.
If THETA closes above this trend line, it could reach a 165% increase against BTC, targeting the 7500 satoshi resistance. However, failure to break through or a failed attempt could lead to a drop to 2000 satoshis.
- Three altcoins may outshine Bitcoin.
- Positive market trends bolster altcoin rally.
- Technical analysis suggests potential gains.
