Cryptocurrency analysts are taking notice of Render’s (RNDR) recent surge above $10, suggesting that the altcoin, often referred to as the Nvidia of the crypto market, could potentially reach $200. The altcoin has experienced a recovery from a low of $7 and has risen by over 27%.
The rise in RNDR’s price is believed to be influenced by an increase in wallet address sales for the AI altcoin and a rise in the Relative Strength Index (RSI). Crypto Devil, an experienced cryptocurrency analyst, had previously stated that surpassing the 50 level in RNDR’s RSI would be a significant bullish signal, and the altcoin’s RSI has now reached 53.
On the social media platform X, popular anonymous cryptocurrency analyst Mister Crypto has pointed out the price increase of RNDR and suggested that it could reach an all-time high of $200 in this cycle.
The recovery of RNDR’s price seems to be driven by upcoming developments in artificial intelligence (AI) following a month of stagnant price movements and a 30% drop. This has also sparked optimism in other AI altcoins such as Fetch.ai (FET) and SingularityNET (AGIX).
Various events focused on AI, including the Enterprise Generative AI Summit in California and Tech & AI LIVE in London on May 21st, are expected to reignite interest in AI technology and potentially trigger strong rises in AI altcoins, including RNDR.
It is important to note that the information in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
