An expert in the field of cryptocurrency predicts that a popular altcoin associated with artificial intelligence (AI) is poised for significant growth in the upcoming months. Altcoin Sherpa, a well-known analyst in the crypto community, shares with his extensive following on X that Render (RNDR), a project centered around Graphics Processing Units (GPUs), is likely to find strong support at its current price level.
According to Altcoin Sherpa’s analysis, Render’s price is expected to remain above $10, making it an attractive investment opportunity. The analyst anticipates that the altcoin will experience substantial price increases in the near future and expresses his confidence in the asset by stating, “I’m in this again.”
Altcoin Sherpa’s chart indicates that the bottom of Render’s trading range is around $10, with a potential upper limit of $12.72. As of now, Render is trading at $10.13. This Solana-based cryptocurrency holds the 30th position in terms of market ranking and has seen a modest 1% increase in value over the past 24 hours.
In addition to Render, Altcoin Sherpa also shares insights on Bitcoin’s current market performance. While the analyst believes that Bitcoin is currently showing bullish signs in the short term, he advises caution and suggests waiting for higher price targets to confirm upward momentum before considering new long positions.
At the time of writing, Bitcoin is trading at $67,036, reflecting a 2% increase in value within the past 24 hours.
Altcoin Sherpa also analyzes Ethereum’s price action, cautioning investors about the altcoin’s current challenges. According to the analyst, Ethereum is facing resistance at a crucial level, and investor sentiment towards the asset is declining. Altcoin Sherpa notes various technical indicators, such as resistance at support/resistance levels and the 200-day exponential moving average, as reasons to be cautious about buying Ethereum at this time. However, the analyst acknowledges the potential opportunity for accumulation, considering the recent underperformance of Ethereum compared to the broader market.
Ethereum is currently trading at $3,104, displaying a 5.19% increase in value over the past 24 hours.
Lastly, Altcoin Sherpa expresses a long-term bullish sentiment towards Solana, a competitor of Ethereum. The analyst suggests that Solana shows promise for future growth but emphasizes the need for further confirmation following a breakout from the $120-$150 range. Altcoin Sherpa considers the one-month period of consolidation as a healthy development for Solana’s chart and encourages investors to accumulate the asset.
Solana is currently trading at $171, showcasing a 6.43% increase in value over the past 24 hours.
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