dailyhodl.com
A closely followed crypto strategist says more rallies are likely in sight for a low-cap altcoin running on the Ethereum (ETH) blockchain.
Pseudonymous analyst Altcoin Sherpa tells his 196,700 followers on the social media platform X that the native asset of the image-synthesizing ecosystem Render Network (RNDR) is likely due for a 33% rally from its current level.
The trader shares a chart showing how RNDR has converted its previous resistance at $1.80 into support with multiple exponential moving averages buoying the Ethereum-based altcoin’s uptrend.
“RNDR trade going well. Going to be selling all the way up to $2.40.”
At time of writing, RNDR is trading for $1.80, down over 2% in the last 24 hours.
Looking at Bitcoin (BTC), Altcoin Sherpa says that the flagship crypto could witness a notable surge in volatility toward the end of the year. The crypto strategist lays out two scenarios for Bitcoin – both of which depend on how BTC reacts should it hit $30,000.
“BTC: where the next high is set is extremely key. If we hit some sort of lower high around $30,000 and die, we’re going to go to the low $20,000, in my opinion.
If we break past $32,000, this probably goes to like $40,000.
In other words, this is how I sort of envision it going down. Probably going to be a lot of crazy moves over the next four-ish months. Should be fun.”
At time of writing, Bitcoin is worth $27,980.
Generated Image: Midjourney