Render (RNDR) Surges +18%, Next Price Target Emerges
The Render (RNDR) token has experienced a price increase of approximately +18% in the last 24 hours, reaching $7.26. Consequently, RNDR is edging closer to its all-time high (ATH) price of $8.76 according to Coinmarketcap data.
AI Enthusiasm Revitalizes Crypto Market
Advancements in AI development seem to be exerting influence on the crypto market once again. Render (RNDR) is capitalizing on the current enthusiasm for AI and generative content.
The price of the RNDR token has seen an increase of around +18% in the past 24 hours, rising from $6.15 to $7.26, and a rise of approximately +45% in the last week. This price surge may be attributed to advancements in AI, such as Sora from OpenAI, strengthening Render's position by showcasing the potential for high-quality generative content.
Positive sentiment towards AI in the crypto market extends beyond software, with hardware providers like Nvidia experiencing high demand for Nvidia H100 chips and anticipation for the new B100 chips.
With a market capitalization of $1.72 trillion, Nvidia has surpassed the valuations of Amazon and Alphabet. Nvidia's stocks have seen a 44% increase throughout 2024, igniting excitement on Wall Street about Nvidia's future and sparking interest in crypto tokens focused on AI.
In addition to Render, AI-based projects such as Fetch.AI (FET) and SingularityNET (AGIX) have also shown significant price increases, with each experiencing a rise of +67% and +116% respectively in the last week.
Technical Analysis of Render (RNDR) Price
RNDR has been on a bullish trend since September 2023 when it was priced at $1.32, with a five-and-a-half-fold increase in price to its current level. In the daily chart, the RSI indicator has reached 85, indicating overbought conditions.
However, in a bullish trend, this overbought signal may not be overly concerning. As seen at the end of October 2023, despite the RSI signaling overbought conditions, the price of RNDR continued to rise.
Nevertheless, if this RSI signal holds true, based on Fibonacci Retracement, there is a support area at $6.6 (light green line). RNDR may have the potential to reach this price level in case of a temporary price correction.
Furthermore, RNDR could potentially continue its upward price trajectory and possibly surpass its all-time high at $8.76, representing an increase of around +20% from its current price of $7.26.
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
