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NVIDIA’s earnings report was extremely positive and laid the groundwork for further increases in certain altcoins. However, this could just be the beginning. Despite the decline in BTC prices, altcoins that remained strong achieved double-digit gains. Moreover, there are even more reasons for investors to be hopeful as the current outlook indicates continued growth in the field of artificial intelligence.
RNDR Coin Commentary
If artificial intelligence is gaining interest, it means the price of RNDR Coin is also rising. We saw a rapid increase in price following the launch of ChatGPT at the end of November 2022. The team’s intention to increase the token price and the steps they plan to take in this direction have certainly been beneficial.
In the weekly chart, the price of RNDR Coin has been rising rapidly since the beginning of 2024, and 6 bullish candles were formed in the last 7 days. RNDR’s upward movement was parabolic in the last 2 weeks, breaking through the rising resistance trend line.
Now, RNDR has reached $7.56, the best level seen since November 2021, and is targeting a double-digit price. Crypto analyst Rendosh1 expects the RNDR price to exceed $10 before a major price correction. Analyst Eliz883 reiterated expectations for a new ATH.
What Will the RNDR Coin Price Be?
According to Elliot wave counting, the RNDR Coin price had started a 5-stage upward movement. The price, in the last wave of this five-wave rise, is searching for its real peak. The target is the ATH level, which is 15% above the current price. Having previously seen an all-time high at $8.8, RNDR Coin could this time surpass the peak and extend the rally up to $11.6.
The only issue at the moment is the weekly close. The popular AI-focused altcoin should not close below $7 this week. If the key region is lost, we could see a drop to $5.5 in this scenario.
The team, which rents out GPUs and accepts payments in RNDR Coin, has been following a price-focused strategy since the beginning of 2023. Support from OpenAI, along with investor-friendly activities that have been ongoing for a year, have laid the foundation for the rapid rise.
