Render Price Nears All-Time High — Will RNDR Hit New ATH?
RNDR sets its sight at the all-time high, but can it make a new one?
Key Takeaways
- RNDR’s price surged 1,540% since early 2023, nearing all-time high.
- Growth driven by fundamental developments and AI advancements.
- Nvidia’s AI chip market dominance boosts related AI crypto tokens.
Since the beginning of 2023, the price of the Render token has been in a major uptrend. It rose from a bear market low of $0.40 to a high of $6.50 on February 21, gaining 1,540%. It is now just 30% away from revisiting its all-time high, of around $8. However, it was already in a major uptrend? So, does it have the strength to make a new all-time high soon?
Render (RNDR) and the AI Wave
The overall market environment, AI advancements, and other developments led RNDR to irs current price. Render (RNDR) is capitalizing on the current enthusiasm for AI and generative content. This shows a significant price increase, due to its potential role in the media space. It has executed rendering jobs for such high-profile projects as the Las Vegas Sphere and Apple’s Vision Pro.
Advancements in AI, such as OpenAI’s Sora, further bolster Render’s position by showcasing the potential of high-fidelity generative content. Render’s involvement in these developments underscores the expanding intersection between AI and digital rendering technologies, with industry leaders expressing optimism about its future impact on creativity and digital content creation.
Nvidia has experienced a tremendous year, significantly benefiting from its dominance in the AI chip market, leading to substantial stock market gains. The high demand for Nvidia’s H100 chips and anticipation for the new B100 chip suggest potential for further growth.
With a market cap of $1.72 trillion, Nvidia has recently outpaced giants like Amazon and Alphabet in value, reflecting a 44% increase in its stock price year-to-date and a 236% rise over the last year.
This success has got Wall Street buzzing about Nvidia’s future and sparked interest in AI-focused crypto tokens. Projects that utilize decentralized GPU rendering and AI-driven marketplaces, like Render, Fetch.AI, and SingularityNET, are particularly well-positioned to benefit from the increasing investment in AI technology.
RNDR Price Analysis
The price of RNDR has been going up in a parabolic fashion since its January 26 low of $3.50. This uptrend continuation started after a breakout from the symmetrical triangle in mid-October when the price was around $1.70.
Analyzing the wave structure, we could see that RNDR is most likely at its ending wave from the higher degree five-wave impulse. The daily chart Relative Strength Index (RSI) is starting to indicate overbought conditions. However, that shouldn’t be a surprise, because the price went parabolic in the last run-up.
There are still signs of struggle, which is why we expect more upside movements. Nevertheless, we anticipate a more significant correction after the rise ends. Render’s price came to its first bear market lower high and could stop at those levels. On the other hand, it could blast through, revisiting its all-time high.
In conclusion, RNDR can potentially make more highs in the short term, but coming to a new all-time is doubtfully possible in the current uptrend.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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