These three altcoins exhibit bullish formations against Bitcoin (BTC) and could outperform it in December.
Despite Bitcoin’s substantial surge since September, these altcoins display even more positive price movements. Can they surpass BTC’s gains in December?
Render (RNDR) Price Breaks Key Resistance
The RNDR price has been moving upward since June 2022. While the upward movement was initially gradual, the increase accelerated at the start of 2023.
In May, RNDR reached a new yearly high of 11,000 satoshis. While this caused a breakout above the 9,000 satoshi resistance area, the price fell below it shortly afterward, indicating that the previous increase was only a deviation.
The RNDR price created a higher low in August, validating an ascending support trend line. After bouncing in November (green icon), RNDR further accelerated its rate of increase and broke out from the 9,000 satoshi area once more.
If the RNDR upward movement continues, the price can increase by another 35% and reach the next resistance at 12,500 satoshis.
Despite this bullish RNDR price prediction, a close below the 9,000 satoshi area can trigger a 35% drop to the ascending support trend line at 6,000 satoshis.
Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run
Synthetix (SNX) Moves Above 1,000-Day Resistance
The SNX price had fallen under a long-term descending resistance trend line since February 2021. The decrease led to a low of 6,150 satoshis in June.
Afterward, the price bounced and created a higher low in November. After three successive bullish weekly candlesticks, the SNX price broke out from the trend line, which had been in place for over 1000 days.
Breakouts from such long-term structures often signify a new trend in the other direction has begun.
Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The fact that the SNX price increase was preceded by a bullish divergence (green) in the RSI supports the legitimacy of the reversal.
If the SNX price continues to move upwards, it can increase by 100% and reach the next resistance at 17,000 satoshis.
Despite this bullish SNX price prediction, a close below the descending resistance trend line will invalidate the breakout. If this occurs, the price can fall by 25% and return to its June lows at 6,150 satoshis.
Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits
Theta Token (THETA) Shows Sings of a Breakout
The final altcoin that could outperform Bitcoin is THETA. The price has followed a descending resistance trend line for 910 days, specifically since June 2021.
The trend line has caused numerous rejections, the most recent in October. However, the THETA price regained its footing and is in the process of breaking out.
The fact that the increase was preceded by a bullish divergence in the weekly RSI legitimizes the possibility of a breakout.
If THETA closes above this trend line and the RSI moves above 50, the price can increase by 165% to the next resistance at 7500 satoshis.
Despite this bullish THETA price prediction, failure to break out can trigger a 30% drop to 2,000 satoshis.
Read More: Top 9 Telegram Channels for Crypto Signals in 2023
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
