As the market anticipates further rise in December, here are some of the most promising altcoins to watch out for.
Key Takeaways
- Injective (INJ): Early in its bullish five-wave impulse.
- Render (RNDR): Positioned for a major rally with a strong third wave.
- Loopring (LRC): Potential bull phase after parabolic recovery from lows.
As December unfolds, the cryptocurrency market is anticipating the continuation of the bullish phase, with discussions about promising altcoins poised for significant growth.
Among the myriad of digital assets, three hidden gem altcoins have garnered particular attention: Injective (INJ), Render (RNDR), and Loopring (LRC).
These altcoins present unique catalysts that could drive their value in the coming weeks.
Injective (INJ)
Injective is a decentralized exchange protocol that enables cross-chain derivatives trading with zero gas fees.
Its innovative approach allows for seamless trading across various blockchain networks, positioning it as a leader in the DeFi space.
Catalysts:
Mainnet Upgrades: Injective has recently implemented significant mainnet upgrades, enhancing scalability and user experience. These improvements will attract more traders to the platform and increase demand for INJ tokens.
Partnerships: Strategic collaborations with other DeFi projects have expanded Injective’s ecosystem, providing users with a wider array of trading options and liquidity.
Price Analysis
Looking at the INJ daily chart, we can see that its bullish phase is just beginning.
Since its recent breakout above descending resistance, it established a higher low of $16 on Nov. 4 and increased by 80% to a high of $31.
This could be its third sub-wave in a larger five-wave impulse, and as such, it will be expected to continue in December.
Render (RNDR)
Render is a decentralized GPU rendering network that connects artists and studios needing rendering power with mining partners willing to rent their GPU capabilities. This platform revolutionizes the digital creation by offering efficient and scalable rendering solutions.
Catalysts
Network Expansion: The Render Network has rapidly expanded its user base, with more artists and studios adopting the platform for their rendering needs. This growth increases the utility and demand for RNDR tokens.
Technological Advancements: Ongoing developments in the network’s infrastructure have improved rendering speeds and reduced costs, making it a more attractive option for digital creators.
Price Analysis
What was said for INJ also applies to RNDR, as the price action pattern is similar. From its first higher low since March on Nov. 4, the price increased 116%. Although significant gains have been made, RNDR is just gearing up for a major rally.
It is currently traded at around $9 and is likely in its third wave of the developing five-wave impulse.
More upside is expected in December as it should develop a five-wave move, potentially revisiting its yearly high of $13.60.
Loopring (LRC)
Loopring is a zkRollup layer 2 solution for Ethereum, focusing on scalable and secure decentralized exchanges (DEXs). It enables high-throughput, low-cost trading and payment on the Ethereum blockchain.
Catalysts
Protocol Enhancements: Recent upgrades to Loopring’s protocol have significantly increased transaction throughput and reduced fees, enhancing the overall user experience.
Growing Adoption: The platform has seen a surge in user adoption, partly due to the increasing demand for layer 2 solutions that alleviate Ethereum’s congestion issues.
In summary, Injective, Render, and Loopring are three altcoins that have emerged as potential high-performers this December. Their innovative platforms, coupled with recent developments and growing adoption, position them as noteworthy assets in the ever-evolving crypto landscape.
Price Analysis
The price of LRC fell to $0.10 on Aug. 5 and revisited this level recently on Nov. 4. This was the lowest price since October 2020 and far from its all-time high of $4.
Since then, LRC has surged 140% in a parabolic runup, and traders are currently trading it at $0.23.
Furthermore, its price is prone to these types of parabolic runups, and considering it fell to its lowest point in four years, a new bull phase could have begun.
If this is true, LRC will continue its upward trajectory in December and regain some of its previous values.
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