2023-12-03 08:50:32
These three altcoins are in bullish formations relative to Bitcoin (BTC) and might significantly outperform the top cryptocurrency in growth rates.
Despite the impressive growth in the price of Bitcoin, a number of altcoins are showing even more positive dynamics. Let’s see if they can surpass BTC in December.
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Render (RNDR) price broke through key resistance
The price of RNDR has been rising since June 2022. In May of this year, it rose above the important resistance area of 9,000 satoshi, updating the yearly high at 11,000 satoshi. However, shortly following this, the altcoin price dipped below it once more, confirming that the breakout was just a deviation.
The RNDR hit a higher low in August, confirming its rising support line. After the November rebound (it is marked with a green icon on the chart) it accelerated its growth and once more broke out of the 9000 satoshi area.
If the upward movement continues, the price might rise another 35% and reach the next resistance at 12,500 satoshi.
Despite this bullish outlook, a close below the 9000 satoshi area might trigger a 35% drop to the rising support line at 6000 satoshi.
Synthetix (SNX) broke above 1000-day resistance
SNX has been moving below a long-term descending resistance line since February 2021. The decline led to a low of 6,150 satoshi in June.
The price then rebounded and made a higher low in November. After three consecutive bullish weekly candles, the asset bounced off a line that has held for over 1,000 days. Breakouts from such long-term structures often signal the start of a new trend.
The fact that the SNX rally was preceded by a bullish divergence on the RSI confirms the validity of the reversal. If the price continues its upward movement, it might rise by 100% and reach the next resistance at 17,000 satoshi.
However, a close below the descending resistance line will invalidate the breakout. If this happens, the price of the altcoin might fall by 25% and return to the June lows of 6,150 satoshi.
Theta Token (THETA) Shows Signs of an Imminent Breakout
THETA price has been following a descending resistance line since June 2021. The asset is currently trying to break above it.
As with SNX, the rise was preceded by the appearance of a bullish divergence on the weekly RSI. If THETA closes above the trend line and the indicator rises above 50, the price might rise by 165% to the next resistance at 7500 satoshi.
However, an unsuccessful breakout attempt might trigger a 30% drop to 2000 satoshi.
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