finbold.com
With the majority of assets in the cryptocurrency sector slowing down and consolidating their gains from previous weeks, Render (RNDR) is no different, but the current dip could represent a good opportunity to accumulate some of the ‘Nvidia of crypto.’
As it happens, a buy zone for the decentralized GPU rendering platform that allows users to rent out their idle processing power to artists and creators in need of it stands between $7 and $10, according to the analysis by crypto trading expert Michaël van de Poppe in an X post on April 1.
According to the analyst’s observations, Render is a “massive project and has yielded a large return,” therefore he was eyeing the above price range for buying into the asset, which at the time represented a 40-50% correction, adding that he wasn’t sure he’ll get the chance, “but if I do, I’ll take it.”
It is also worth pointing out that another renowned crypto analyst, Matthew Hyland, has noted that the artificial intelligence (AI) token is now targeting its prior support levels, which it has converted into resistance barriers, so RNDR might not stay in the buying zone for long.
RNDR price analysis
Indeed, Render was at that time trading at a price of $10.67, declining from the top of $14 it recorded in late March, and $7 would represent a 50% decrease from that peak. At the moment, RNRD is changing hands at $9.43, placing this crypto asset right below the upper limit of van de Poppe’s range.
At the same time, RNDR token’s current price represents an increase of 2.26% in the last 24 hours, an 18.27% loss across the previous seven days, and a 21.27% advance on its monthly chart, according to the most recent information retrieved by Finbold on April 3.
All things considered, now might be a good time to purchase the RNDR token at a low price before it reverses the trend and returns above its buying zone. However, things in the crypto sector can often take unexpected turns, so doing one’s own research and weighing the risks is critical before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.