Despite Bitcoin’s significant rise since September, some altcoins are performing better. According to crypto analyst Valdrin Tahiri, these 3 altcoins are exhibiting bullish patterns against Bitcoin (BTC). Therefore, the analyst expects them to outperform Bitcoin in December.
Render (RNDR) price prediction: Altcoin broke key resistance
RNDR price has been moving upwards since June 2022. Although the upward movement was gradual at first, the increase accelerated at the beginning of 2023. In May, RNDR reached a yearly high of 11,000 satoshis. This resulted in a break above the 9,000 satoshi resistance area. However, the price dropped below shortly thereafter. Thus, it showed that the previous increase was just an aberration.
RNDR price formed a higher low in August, confirming an ascending support trend line. After bouncing in November (green icon), RNDR accelerated its rate of increase even further and broke out of the 9,000 satoshi region once again. If RNDR’s upward move continues, it is possible for the altcoin price to increase by another 35%. Thus, RNDR will reach the next resistance at 12,500 satoshis.
RNDR/BTC Weekly Chart. Source: TradingViewDespite this bullish RNDR price prediction, a close below the 9,000 sats region could trigger a 35% decline to the ascending support trend line at 6,000 sats.
Synthetix (SNX) price prediction: Breaks above 1,000-day resistance
SNX price had fallen below the long-term descending resistance trend line since February 2021. The decline reached as low as 6,150 satoshi in June. Subsequently, the price rebounded and formed a higher low in November. After three consecutive weekly bullish candlesticks, the altcoin price broke out of the trend line it has been in for over 1000 days. Breakouts from such long-term structures usually indicate the beginning of a new trend in the other direction.
Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset. Data above 50 and a bullish trend indicate that the bulls still have the advantage. On the other hand, data below 50 indicates the opposite. The fact that there was a bullish divergence (green) in the RSI before the SNX price increase supports the legitimacy of the reversal. If the altcoin price continues to move upwards, a 100% increase is possible. Thus, SNX will reach the next resistance at 17,000 satoshis.
SNX/BTC Weekly Chart. Source: TradingViewDespite this bullish SNX price prediction, a close below the descending resistance trend line would invalidate the breakout. If this happens, the altcoin price is likely to drop by 25%. In this case, SNX will return to its June low of 6,150 satoshis.
Theta (THETA) price prediction: Breaking sound coming from technicals!
The last altcoin that has the potential to outperform Bitcoin is THETA. Specifically, the price has followed a descending resistance trend line for 910 days since June 2021. The trend line has caused numerous rejections, most recently in October. However, THETA price has rebounded and is in the process of breaking out. A bullish divergence in the weekly RSI prior to the increase justifies the possibility of a breakout. If THETA closes above this trend line and the RSI moves above 50, it is possible for the price to reach the next resistance at 7500 satoshis. This means a 165% increase for THETA.
THETA/BTC Weekly Chart. Source: TradingViewDespite this upward THETA price prediction, the failure of the price to break may result in a 30% drop to 2,000 satoshi.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
47701
