The cryptocurrency market started a week full of dust after a quiet weekend. While the leading cryptocurrency Bitcoin was preparing for a rise, it started to decline due to increasing geopolitical risks. Naturally, altcoins followed suit. However, a closely followed crypto analyst says further rallies are likely for a low-cap altcoin running on the Ethereum Blockchain.
Analyst predicts a 33% rally for this altcoin
The analyst, nicknamed Altcoin Sherpa, shared his latest predictions with his 196,700 followers on the social media platform X. The analyst covers the native token of the image synthesis ecosystem Render Network (RNDR) in his evaluations. In this regard, the analyst says that the token is likely to rally 33% from its current level. Alongside this, the analyst shares a chart showing how RNDR turned its previous resistance at $1.80 into support, with multiple exponential moving averages supporting the uptrend of the Ethereum-based altcoin. As a result of its evaluations, Altcoin Sherpa points out the following level for RNDR:
RNDR trade is going well. From here it will continue up to $2.40.
Source: Altcoin SherpaAt the time of this writing, RNDR was trading at $1.76, down over 4.60% in the last 24 hours. However, the token increased by 2.70% on a weekly basis and over 19% on a monthly basis.
“Bitcoin will see crazy movements in the last quarter!”
The analyst then looks at the leading cryptocurrency Bitcoin (BTC). Altcoin Sherpa says BTC will likely witness a significant increase in volatility towards the end of the year. Crypto analyst puts forward two scenarios for Bitcoin. Both of these depend on how BTC reacts if it reaches $30,000. In this context, the analyst explains the scenarios in question as follows:
BTC: Where the next high will be determined is extremely important. If it reaches some sort of lower peak around $30,000 and dies, I think it will drop below $20,000. If it exceeds $32,000, that would probably go up to $40,000. In other words, I predict it will go down like this. There will probably be a lot of crazy action going on over the next four months. This will be pretty fun.
Source: Altcoin SherpaAt press time, Bitcoin was trading at $27,580, down 1.24% on a daily basis. BTC is also in the red zone on the weekly time frame and lost approximately 1% of its value. However, the leading cryptocurrency managed to record a monthly increase of 6.68%.
The predictions and opinions 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.
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