Will RNDR Reach New All-Time High as RNDR Hit New ATH?

KEY TAKEAWAYS:

Since early 2023, the price of RNDR has increased 1,540%, almost to its all-time high.

Growth propelled by advances in AI and basic discoveries.

Related AI crypto tokens are boosted by Nvidia’s supremacy in the AI processor sector.

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The Render token’s price has been steadily rising from the start of 2023. It gained 1,540%, rising from a bear market low of $0.40 to a high of $6.50 on February 21. It is currently only 30% away from hitting $8, which was its all-time high. But was it not already in a significant uptrend? Does it therefore possess the strength to soon reach a new all-time high?

New AI systems, like OpenAI’s Sora, demonstrate the promise of high-fidelity generative content, which strengthens Render’s position. Industry heavyweights are optimistic about the future of digital content production and innovation thanks to Render’s role in these advances, which highlight the growing convergence of AI and digital rendering technology.

Thanks to its commanding share of the artificial intelligence chip industry, Nvidia has had a fantastic year, sending its stock price soaring. Potential for additional expansion is shown by the high demand for Nvidia’s H100 chips and anticipation of the forthcoming B100 chip.

Thanks to a 44% increase in stock price year-to-date and a 236% growth over the last year, Nvidia has lately surpassed heavyweights like Amazon and Alphabet in value, with a market cap of $1.72 trillion.

Investors are excited about Nvidia’s future thanks to this accomplishment, which has also increased interest in crypto assets centred on artificial intelligence. The rising investment in AI technology is going to be especially beneficial for projects that use decentralised GPU rendering and AI-driven marketplaces, such as SingularityNET, Fetch.AI, and Render.

RNDR Price Analysis

Since its low point of $3.50 on January 26, RNDR’s price has been going up in a huge straight line. When the price broke out of the symmetrical triangle in mid-October, it was around $1.70. This rise started to continue.

By examining the waveform, we can deduce that the RNDR is probably nearing the end of its five-wave impulse. It appears that overbought circumstances are beginning to be indicated by the daily chart Relative Strength Index (RSI). That being said, it should come as no surprise given the price’s astronomical surge during the previous surge.

Since there are still indications of difficulty, we anticipate further upward movements. However, after the increase is over, we expect a more substantial correction. Render’s price reached its initial low point in the bear market and may find support there. The other possibility is that it will smash through and hit its previous peak again.

To sum up, RNDR has the ability to reach new short-term highs, but it is highly unlikely that it will be able to break through the present all-time high during this uptrend.

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