2024-5-7 18:30 |
Render’s native cryptocurrency RNDR has been one of the top performers in the crypto market recently, with its price surging by nearly 50% over the last seven days.
At press time, RNDR is trading around $10.5, up 6% in the last 24 hours. This impressive rally can be attributed to the broader market recovery, particularly in cryptocurrencies associated with artificial intelligence (AI) projects.
As D0c Crypto, an analyst with over 11,000 followers on X (formerly Twitter), stated in a recent tweet, “If $RNDR can break $10.32, nothing will stop $RNDR from heading towards $13.16.”
According to the analyst, for RNDR to reach a new all-time high, the resistance zone between $10.32 and $10.55 must first turn into support. This could be achieved with a daily close above $10.32, paving the way for RNDR to test the final resistance at $13.16.
D0c Crypto further elaborated, “Once $RNDR breaks the last resistance and hits a new all-time high, it will be back in price discovery.”
The analyst also highlighted the upcoming AI rally expected between May 22 and June 10, during which RNDR, being a top AI coin, could potentially reach prices between $22 and $42, according to Fibonacci levels. However, this bullish scenario relies on the overall market conditions remaining favorable or at least neutral.
The recent surge in RNDR’s price is part of a broader trend where native cryptocurrencies of blockchain projects utilizing AI have led the crypto market recovery. This rally has been accompanied by a surge in the stock price of Nvidia (NVDA), a Nasdaq-listed chipmaker widely considered the poster child for AI technology.
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Show more +Show less –In conclusion, Render’s RNDR token has been one of the standout performers in the cryptocurrency market, driven by the increasing interest in AI-related projects and the overall market recovery. As the AI narrative continues to gain traction, RNDR could potentially reach new all-time highs, provided the market conditions remain supportive.
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The post Why is Render (RNDR) Price Up? AI Crypto Rallies appeared first on CaptainAltcoin.
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