Render (RNDR) has been on a tear lately, with its price pumping 25% today to hit a new all-time high of $13.59. At the time of writing, RNDR is hovering around $13.39. This surge comes amid a broader rally in AI-related cryptocurrencies, fueled by the growing excitement surrounding artificial intelligence (AI) and its potential applications.
The current price action in RNDR can be attributed to a few key factors. Firstly, the highly anticipated NVIDIA GTC 2024 Conference is just days away, and this event has historically been a catalyst for AI-related projects and cryptocurrencies. As a decentralized GPU rendering network, Render is positioning itself as a key player in the AI space, particularly in the realm of training large language models and other AI systems that require significant computational power.
From a technical analysis perspective, RNDR’s price has been trending in an ascending channel since September of the previous year. Earlier this month, however, the price broke out of this channel, signaling the start of a potential “discovery mode” where new all-time highs are being set regularly. This breakout is a bullish signal for traders and investors.
A closer look at the RNDR/USDT chart reveals some key technical indicators. The 200-day moving average currently stands at $3.9, which is significantly lower than the current price, indicating strong upward momentum.
The Relative Strength Index (RSI) is around 70, suggesting that RNDR may be overbought in the short term, but this could also be a sign of a strong uptrend. Additionally, the MACD line is above the MACD signal line, further confirming the bullish trend.
Looking ahead, technical analysts are eyeing the next major price target of $16.27, which aligns with the 2.618 Fibonacci extension level. On the support side, $8.86 is considered a strong level, coinciding with the 0.786 Fibonacci retracement level.
In conclusion, the surge in Render’s price can be attributed to a combination of factors, including the AI narrative, the upcoming NVIDIA GTC event, and favorable technical indicators. While some indicators suggest potential overbought conditions, the overall trend remains bullish, and RNDR appears poised for further gains, especially if the AI hype continues to build momentum.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
