With Render (RNDR) returning above the psychologically important price level at $10, cryptocurrency market experts have observed that the token, popularly referred to as ‘Nvidia (NASDAQ: NVDA) of crypto,’ has flashed buy signals that could kick it off to $200.
Specifically, after hitting a local bottom at $7, Render managed to gather bullish momentum last week that saw it advance over 27% during that period and cross the $10 level, gaining nearly 10% on the day, according to the most recent chart data obtained by Finbold on May 6.
Bullish signs for ‘Nvidia of crypto’
At the same time, Render’s recent gains have coincided with the artificial intelligence (AI) token’s growing number of crypto wallets and the relative strength index (RSI) increasing and breaking the 53 zone, a bullish sign earlier predicted by Crypto Devil in mid-April.
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Meanwhile, Mister Crypto, a pseudonymous professional crypto trader with a massive following on social media platform X, has noticed Render’s bullish price action and has suggested that Render might hit a new all-time high (ATH) of $200 in this cycle, according to the X post on May 5.
AI events trigger bullishness
Notably, after sluggish price movements last month that saw Render decline a whopping 30% in a single month, the slew of upcoming AI events has triggered a bullish sentiment that has also seen other AI tokens wake up, also including the likes of Fetch.ai (FET), SingularityNET (AGIX), and others.
Indeed, these events include the Enterprise Generative AI Summit in California on May 21, the Tech & AI LIVE in London on the same day, and many more, as the revival of interest in AI technology sweeps multiple regions around the world and might usher more gains for AI assets like the ‘Nvidia of crypto.’
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