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‘Nvidia of crypto’ targets $20 ahead of earnings call

‘Nvidia of crypto’ targets $20 ahead of earnings call

With the majority of assets in the cryptocurrency sphere recording a bullish streak, things are looking up for one specific artificial intelligence (AI) token, popularly known as the ‘Nvidia of crypto’ as well, which is eyeing significant gains as an important earnings call awaits.

Specifically, Render (RNDR), often referred to as the ‘Nvidia of crypto’ due to its specialization and explosive growth similar to that of Nvidia (NASDAQ: NVDA), is targeting $20, according to the observations shared by pseudonymous crypto analyst D0c Crypto in an X post on May 21.

Render price prediction 2024

Indeed, the crypto expert also pointed out that Render’s stochastic relative strength index (RSI) is demonstrating oversold conditions “on the weekly,” adding that Nvidia’s first-quarter fiscal 2025 earnings report, which many expect to be exceedingly positive, is launching on May 22, possibly triggering the “AI season 3.0.”

Render price action analysis. Source: D0c Crypto

Render price analysis

For now, Renders is changing hands at the price of $11.04, suggesting an increase of 8.16% in the last 24 hours, as well as an 8.57% advance across the previous seven days, as it accumulates a gain of 23.45% on its monthly chart, according to the latest data on May 21.

Render price 30-day chart. Source: Finbold
Render price 30-day chart. Source: Finbold

Notably, Nvidia has long positioned itself as the leading provider of graphics processing units (GPUs), while the Render crypto asset belongs to a decentralized GPU network aiming to disrupt the rapidly growing market for 3D rendering in virtual worlds, augmented reality (AR), and the metaverse.

Ultimately, thanks to its mission and continuous efforts, the ‘Nvidia of crypto’ might, indeed, proceed towards its next price target at $20 and continue beyond, but caution is necessary, and doing one’s own research is critical when investing, as things in the cryptoverse can sometimes change on a whim.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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