Published
2 months ago on
February 09, 2024
Table of Contents
- Higher gains but greater volatility
- Huge $INJ bull flag
- $INJ about to resume upward trend against $BTC?
- 1,300% gain for $RNDR against $BTC
- $RNDR looks to outperform $BTC once again
As bitcoin continues to power on, possibly to a new yearly high, there are certain altcoins that are outperforming $BTC, and are likely to continue to do so. Injective (INJ) and Render (RNDR) are two of them.
For most retail and institutional investors, buying and holding $BTC is the way to go. It is perceived to be the most legitimate cryptocurrency in the space, and has the valid use case of a store of value in a crazy financial world where this is sorely needed.
Higher gains but greater volatility
That said, some traders and investors are willing to go a bit further out on the risk curve in order to harvest some of the more spectacular gains. A problem for more inexperienced investors here is that the volatility is much higher than with $BTC.
Generally speaking, when $BTC is going up, some altcoins are likely to go up higher and faster, given that their market caps are far smaller than that of $BTC and there will be a lot less liquidity.
On the flip side, when $BTC goes down, altcoins are likely to fall a lot harder and faster. Therefore, if investing in altcoins, the ride is likely to be rather bumpy.
Two altcoins that have proved to be less volatile than most, and which have both outperformed $BTC on average throughout this crypto bull market so far, are Injective Protocol (INJ) and Render (RNDR).
Huge $INJ bull flag
Source: Coingecko/Trading View
Injective is inside a large bull flag which has been forming since 23 December 2023. Breaking through resistance at the $35 level would see the price back at the top of the flag once more. A confirmed break here could then see $INJ follow the measured move to $60, which is nearly a 50% move from here.
$INJ about to resume upward trend against $BTC?
Source: Coingecko/Trading View
Compared to $BTC, it should be noted that $INJ has been in an uptrend since July of 2022. The correction of around 30% that $INJ has experienced since 23 December could be coming to an end, and $INJ might well begin to outperform $BTC once again.
1,300% gain for $RNDR against $BTC
Source: Coingecko/Trading View
The more than 1,300% gain for $RNDR since the beginning of January 2023 is quite a bit more than $BTC’s 221% over the same period. That said, one can also see in the chart above that $RNDR came up against the 0.618 fibonacci, just like $BTC, and which also stopped it in its tracks. However, $INJ did experience a 36% correction, which was perhaps a lot healthier than $BTC’s 21%.
$RNDR looks to outperform $BTC once again
Source: Coingecko/Trading View
For the RNDR/BTC pair, $RNDR has made a 715% gain against $BTC since May 2022, and a 305% gain from January 2023 to date. Back to support right now, $RNDR could be looking to restart the trend.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
