Along with its industry rival Fetch.ai, the price of Render has reached a new all-time high of $9.3270, marking a new benchmark for the cryptocurrency.
It took a little more than seven days for FET to reach a double after it smashed its previous all-time high (ATH) last week.
Prior to the NVIDIA conference, RNDR may increase its psychological level by fifty percent, reaching a tag of fourteen thousand dollars.
Immediately after the recent meme coin fever, which resulted in sector tokens registering increases in the double digits, AI crypto currencies are the next source of optimism in anticipation of the NVIDIA 2024 GTC AI conference, which is slated to take place in Silicon Valley from March 18 to March 21.
There is a rise for AI cryptocurrency currencies ahead of the AI conference.
On Tuesday, a purchasing opportunity was presented, which resulted in AI cryptocurrency currencies seeing a rise. It comes in the midst of the "buy the rumor" scenario that has been going on in the lead up to the NVIDIA 2024 GTC AI conference, which is being promoted as the biggest AI conference that the technology company has ever held. Due to the fact that this is a significant event that is anticipated to include more than 900 sessions and 300 exhibitors, artificial intelligence cryptocurrency coins are profiting the most, as seen by the continuous purchasing frenzy.
Trader @TheFlowHorse on X makes the observation that "when FET broke [its] all-time high, it took just over a week to hit a double." This is in the midst of the excitement that is now taking place. There is a possibility that the Render Network token (RNDR) will produce the similar level of enthusiasm.
In the meanwhile, as other cryptocurrencies continue to reach new all-time highs, the price of Bitcoin is stabilizing below its own level in the midst of continued capital rotation.
Forecast for the cost of rendering in advance of the AI conference
Following the clearing of prior high, the price of render still has more territory to traverse, and the increasing Relative Strength Index (RSI) suggests that it may soon recapture the $9.7690 mark. In the event that this trajectory of the momentum indicator continues, the Relative Strength Index (RSI) may shortly issue a buy signal, which would strengthen the rise.
Following the execution of a bullish purchase signal when it passed above the orange band (signal line), the Moving Average Convergence Divergence (MACD) is likewise moving in a northerly direction.
Given the increased buyer impetus, it is possible that the Render price will be able to overcome the $9.7690 barrier before reaching the psychological threshold of $10.0000. It is possible that the price of RNDR might stretch a neck higher into the psychological threshold of $14.0000 if the market is very positive. A move of this kind would represent an increase of roughly fifty percent above the current levels.
If, on the other side, early profit booking begins to take place, the price of Render may decrease, and it may even go below the $7.9970 support level. In the worst possible scenario, the further decline might move closer to the $6.8750 support level. In the event that this level is broken and closed below, the bullish thesis would be rendered incorrect.
