Render’s (RNDR) recent surge above the $10 level has drawn the attention of cryptocurrency analysts, who are now pointing out buy signals that could potentially propel this altcoin, often referred to as the “Nvidia of the crypto market,” towards $200.
Crypto Market’s Nvidia Shows Signs of Rising
By looking at the price chart of RNDR, it is clear that the altcoin has rebounded from a low of $7 and has since increased by over 27%.
The recent recovery in Render’s RNDR price can also be attributed to an uptick in wallet address sales for the AI altcoin and a rise in the Relative Strength Index (RSI).
Experienced cryptocurrency analyst Crypto Devil had previously stated that surpassing the 50 level in RNDR’s RSI would be a significant bullish signal. And indeed, the altcoin’s RSI has crossed this threshold and reached a level of 53.
On the social media platform X, a well-known anonymous cryptocurrency analyst named Mister Crypto has highlighted the price surge of RNDR and suggested that the altcoin could reach an all-time high of $200 in this cycle.
Developments in Artificial Intelligence Support the Rise
After a month of stagnant price movements that resulted in a 30% drop last month, Render’s recovery seems to be fueled by upcoming developments in artificial intelligence. This situation has also sparked optimism among other AI altcoins, such as Fetch.ai (FET) and SingularityNET (AGIX).
Among the AI-focused activities, the Enterprise Generative AI Summit will take place in California on May 21st, along with Tech & AI LIVE in London on the same day, among many other events. These events are expected to reignite interest in AI technology, potentially leading to significant increases in AI altcoins, including RNDR, the crypto market’s Nvidia.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.