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Bitcoin‘s incredible drop was followed by a price recovery today. Yesterday, BTC saw a sudden loss of around $5,000 but later rebounded to as high as $66,500. During this time, attention also shifted to AI tokens. So, how are things going for Render (RNDR), one of the most talked-about AI tokens in the market?
Comments on RNDR Token
After the rise in the crypto market at the beginning of March, the period that followed seems to have slowed down and retracted.
Despite gains in previous weeks, Render (RNDR) was also affected by this trend. However, some analysts suggest that the current decline could present a buying opportunity for the token, often referred to as ‘the Nvidia of cryptocurrencies’.
Noted cryptocurrency figure Michaël van de Poppe pointed to a new entry level for Render (RNDR) between $7 and $10 in a share dated April 1.
The analyst explained his observation with these words:
“Render is a big project and has provided significant returns,” which is why he was watching the above price range to buy the asset, representing a 40-50% correction at the time, and added that he was not sure he would get the chance, “but if I do, I will buy.”
Another prominent name in cryptocurrencies, Matthew Hyland, noted that the AI token is currently facing resistance and may be moving towards support levels below, suggesting that RNDR might not stay in the buying zone for long.
RNDR Price Analysis
As of today, Render appears to have dropped below $10. At the time of writing, indicators show RNDR at $9.62 after a 0.76% increase.
This level represents a sharp drop from the $14 peak at the end of March. A potential $7 level would mean a 50% drop from that peak. RNDR is also currently just below the upper limit of van de Poppe’s range.
RNDR’s market cap also experienced a slight increase during this period, rising to $3.67 billion. However, RNDR’s 24-hour trading volume saw a decrease. The volume stood at $221 million after a 27% drop.
