- Bitcoin, RNDR, and Gala prices have jumped in the past few weeks.
- The DIA, IWM, and IVV ETFs have also recovered as demand rose.
- Investors have embraced a risk-on sentiment as inflation retreats.
Bitcoin, Render Token, and Gala had a strong performance in November. BTC soared to a high of $38,500, the highest point since April 2022. At its peak, the coin was up by over 132% from the lowest level in 2022.
Similarly, Render Token (RNDR) jumped to $3.73, which was also 902% above the lowest point in 2023, making it one of the best-performing cryptocurrencies this year. Gala crypto token price surged to a high of $0.028, the highest point since July 18th. Other cryptocurrencies like Solana, Solend, and Polkadot have also continued rising.
Cryptocurrencies were not the only assets in an uptrend as the America’s equity market continued doing well. The SPDR Dow Jones Industrial Average (DIA) ETF surged to a high of $360, the highest point in 2023. It has soared by over 28% from its lowest level in 2022.
Similarly, the iShares Core S&P 500 ETF (IVV) surged to a high of $460 (January 2022 high) while the iShares Russell 2000 ETF (IWM) jumped to $181.80. IWM, which tracks small cap stocks in the US, has rallied by over 11% from the lowest point this year.
The strong performance of stocks and cryptocurrencies has coincided with other price movements. The fear and greed index, which is a good measure of sentiment, has jumped to the greed zone of 70.
Similarly, the VIX index has dropped by over 50% from its highest point this year while US bond yields have retreated. The view among investors is that the Federal Reserve will start cutting interest rates in the coming months since inflation is falling.
Bitcoin price prediction
The daily chart shows that the BTC price has been in a strong bullish trend in the past few months. It has jumped to a high of $38,500. It has moved above the 50-day and 100-day Exponential Moving Averages (EMA).
At the same time, the Relative Strength Index (RSI) and the MACD have formed a bearish divergence pattern. The coin has also formed a rising wedge pattern. Therefore, there is a likelihood that Bitcoin price will retreat in December. If this happens, the next key level to watch will be at $35,000.
Render Token price prediction
On the daily chart, we see that the RNDR token price has been in a strong uptrend in the past few months. It recently moved above the key resistance point at $2.9461, the highest point on May 20th. The coin has formed a cup and handle pattern, which is a bullish sign.
Render also sits above the 50-day and 25-day moving averages. It has also formed a break and retest pattern. Therefore, the outlook for the RNDR token price is bullish, with the next point to watch being at $4.
Gala price forecast
Turning to the daily chart, we see that the GALA token price has done well in the past few weeks. It has risen from a low of $0.0124 to a high of $0.028. The token has jumped above the 200-day and 50-day Exponential Moving Averages (EMA), which is a bullish sign.
Gala token has also formed a rising wedge pattern while the Relative Strength Index (RSI) has formed a bearish divergence pattern. Therefore, the outlook for the GALA token price is bearish, with the next point to watch being at $0.020.
