A Crypto Strategist Anticipates More Rallies for an Ethereum-Based Altcoin
A popular crypto strategist believes that a low-cap altcoin running on the Ethereum blockchain is poised for additional rallies. According to the pseudonymous analyst Altcoin Sherpa, the native asset of the image-synthesizing ecosystem Render Network (RNDR) could experience a 33% surge from its current price level. The trader shares a chart indicating that RNDR has established support at $1.80 after previously serving as resistance. The altcoin’s uptrend is further supported by multiple exponential moving averages. Altcoin Sherpa plans to sell his RNDR holdings gradually as the price rises, eventually reaching $2.40.
Bitcoin’s Volatility Could Increase in the Coming Months
In terms of Bitcoin, Altcoin Sherpa suggests that the leading cryptocurrency may encounter heightened volatility toward the end of the year. The strategist outlines two potential scenarios for Bitcoin based on its response to hitting $30,000. If BTC forms a lower high around that level and fails to surpass it, Altcoin Sherpa predicts a drop to the low $20,000 range. However, if Bitcoin breaks past $32,000, he expects it to reach around $40,000. Altcoin Sherpa anticipates significant market fluctuations in the next four months and expresses excitement about the potential trading opportunities.
Hot Take: Exciting Prospects for Altcoins and Bitcoin
The crypto market continues to offer exciting prospects for both altcoins and Bitcoin. RNDR, an Ethereum-based altcoin, shows promising signs of future rallies due to its solid support level and positive technical indicators. Meanwhile, Bitcoin’s volatility is expected to increase as it approaches key price levels. Traders should closely monitor these developments and be prepared for potential opportunities in the market. The next few months are likely to be eventful and offer various trading possibilities for crypto enthusiasts.
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