AI Crypto Coins Prices Pumping Following CPI Report – Render (RNDR) and Near Protocol (NEAR) Lead The Way

Cryptocurrencies tied to artificial intelligence projects have surged following the release of the latest US Consumer Price Index (CPI) data. Render (RNDR) and Near Protocol (NEAR) are among the biggest gainers, rallying by 7% and 8% respectively.

The CPI rose 3.4% in April, matching economists’ forecasts. Richard Fetyko, CEO of altFINS, noted this was lower than March’s 3.5% increase. He explained, “This is good news for risky assets like equities and crypto as it indicates the Fed may reassess interest rate cuts this year, as inflation seems to be showing a falling tendency.”

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Daan Crypto Trades, a popular crypto analyst, observed, “The AI Sector bouncing strongest on this move. Memes are the weakest this time. This could be because the other coins were shorted more, so they reacted more explosively during this move up after the CPI data.”

Near Protocol Is Up by 8% Today With Room for More

According to a TradingView post by Coinpedia-Market-Insight, several factors suggest NEAR has significant upside potential. Notably, the recent halt at the $0.65 demand zone indicates strong support, and breaching the $1 psychological level could signal a stronger recovery.

As Bitcoin shows strength, NEAR is positioned in the altcoin spotlight, hinting at a broader market recovery influencing its price. Over the past 30 days, NEAR has risen 30%, showing signs of a sustained uptrend. However, caution is advised at key resistance levels.

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The post highlights that NEAR’s daily RSI remaining above 50 demonstrates sustained buyer interest and bullish sentiment. Additionally, the delay in the negative MACD crossover supports the bullish narrative, indicating the recovery rally has legs.

Breaking the $10 level could catalyze significant bullish momentum, potentially leading to a sprint toward much higher price points. The potential to reach the 1.618 Fibonacci level at $16.206 underpins a long-term optimistic scenario for NEAR, driven by ongoing and future bullish sentiments.

Render (RNDR) Is Also Up

Render is also up by 7% today, and as Dark Horseman, a crypto analyst, noted, “We’ve seen a 34% increase since our last $RNDR / $USDT call, and it seems like there’s still plenty of room for growth.”

They expect the price to consolidate above the Volume Profile Point of Control, with key resistance at $11.3. A healthy correction followed by a continuation of the rally toward its all-time high is expected as volume picks up in the coming weeks.

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Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.