Several prominent crypto analysts and investors are voicing their bullish stance on Render (RNDR), a cloud GPU network, citing a recent breakout and promising price action amid the broader crypto market rally.
CryptoCzar, a well-known crypto trader, confirmed a breakout for RNDR on their chart analysis. According to CryptoCzar, a descending trendline that had previously served as resistance for the price of RNDR has been breached, suggesting a potential significant upward move could follow as the trendline resistance thins out.
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Why You Should Be Bullish on Render (RNDR)
Bitcoin Ape, another respected crypto analyst and investor, highlighted several key factors contributing to the bullish outlook on RNDR. According to Bitcoin Ape, RNDR has already made two new all-time highs during this bull market cycle, surging over 530% since September 2023, and the much-anticipated altcoin season has yet to begin.
Bitcoin Ape considers RNDR one of the top crypto assets for investing in the AI sector. The analyst notes that Render Network, the project behind RNDR, is the largest decentralized cloud GPU network, connecting users with spare GPU capacity to developers in need of computing power. The project has been continuously building since 2021 and is currently the second-largest #DEPIN network by market cap, valued at over $3 billion.
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Show more +In addition to the positive fundamentals, RNDR’s price action has been impressive, contributing to the bullish sentiment surrounding the cryptocurrency. The recent breakout and sustained upward momentum have analysts anticipating further gains as the market matures.
As the AI and cloud computing sectors continue to gain traction, projects like Render Network are well-positioned to benefit from increased adoption and demand for decentralized computing resources. With prominent analysts and investors backing RNDR, the cryptocurrency could be poised for further growth in the current bull market cycle.
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Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
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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.
