Render‘s (RNDR) recent surge above the psychologically important $10 level has caught the attention of cryptocurrency analysts, who now highlight buy signals that could potentially push this altcoin, often referred to as the Nvidia of the crypto market, towards $200.
Looking at the price chart of the altcoin, it is evident that it has recovered from a low of $7 and has since risen by more than 27%.
Crypto Market’s Nvidia Shows Signs of Rising
The recent recovery in Render’s RNDR price also appears to be triggered by an increase in wallet address sales for the AI altcoin and a rise in the Relative Strength Index (RSI).
Experienced cryptocurrency analyst Crypto Devil had stated in mid-April that surpassing the 50 level in RNDR’s RSI would be a significant bullish signal. Indeed, the altcoin’s RSI has crossed this threshold and reached the level of 53.
On the social media platform X, a popular anonymous cryptocurrency analyst Mister Crypto has highlighted the price increase of RNDR and suggested that the altcoin could reach an all-time high of $200 in this cycle.
Developments in Artificial Intelligence Support the Rise
Following a month of stagnant price movements that led to a 30% drop last month, Render’s recovery seems to be fueled by upcoming developments in artificial intelligence. This situation has triggered a sense of rise among other AI altcoins including Fetch.ai (FET) and SingularityNET (AGIX).
Among the AI-focused activities, the Enterprise Generative AI Summit will be held in California on May 21st, along with Tech & AI LIVE in London on the same day, among many other events. Such events are expected to renew interest in AI technology, potentially triggering strong rises in AI altcoins, including the crypto market’s Nvidia, RNDR.
