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The Render price soared 23% to trade for $13.301 as of 04:04 EST time on trading volume skyrockets 80%.
RNDR has outperformed its peers in the AI crypto space, including Fetch.ai (FET) and SingularityNET (AGIX).
It comes amid ongoing excitement about the sector as the Nvidia 2024 GTC Conference kicks off on March 18 in Silicon Valley. The event, marking AI chip maker Nvidia’s largest event, is expected to be a gateway to the next wave of AI innovations.
This is the gateway to the next wave of #AI innovations.
Any huge announcements here could make Crypto AI explode! 💪$RNDR $FET $AGIX $GRT https://t.co/AaU2fdkUju pic.twitter.com/6yK79ukPJ8
— CryptoBusy (@CryptoBusy) March 18, 2024
With this, the market capitalization of AI crypto coins has gone above $44.2 billion, with a sector trading volume surge of 45%.
🚀 AI coins are gaining momentum in anticipation of the NVIDIA conference! Here are the latest price movements:
– RNDR: +20%
– TAO: +11%
– GRT: +8%
– FET: +12%
– AGIX: +13%Stay tuned for more updates as the market reacts to the latest developments in the AI sector! 🌐💡 #AI… pic.twitter.com/1K4Tv6adt1
— BoKuBu (@atrungbs87) March 18, 2024
Nevertheless, data shows that amidst the AI crypto coin mania, FET is recording the highest social activity.
Top AI Projects By Social Activity 🤖$FET$AGIX$GRT$RLC$ORAI$PHA$CGPT$XETA$PRQ$SNS
All the eyes are on AI cryptocurrencies ahead of the #NVIDIA AI Conference that's taking place tomorrow.$RNDR is the only one speaking there ⭕️.
My two gems that are missing are $LAI… pic.twitter.com/q295urrwYa
— Daitaro (@Daitaro01) March 17, 2024
Notably, the Render price has outperformed its peers in the sector, with Near Protocol (NEAR), Bittensor (TAO), FET and AGIX all pumping.
The Render Price Outlook Amid AI Crypto Coin Euphoria
The Render price has recorded an all-time high of $13.838, steered by the ‘buy the rumor’ around Nvidia GTC conference. With the event starting n Monday, March 18, the ‘sell the news’ situation is also likely to play out. This could see the Render price crash.
The position of the Relative Strength Index (RSI) at 92 shows RNDR is massively overbought, and is therefore in high risk of a correction. Nevertheless, with Welles Wilder’s pointer, that an asset is only ripe for selling once the RSI crosses below 70, traders with current open positions for the Render price should probably leave them open.
However, sidelined and late bulls should probably exercise caution. This is because with the surge, the fear of missing out (FOMO) is expected to increase, and could provoke a correction as traders look to cash in while the market is still hot.
For the meantime, the market strongly leans in favor if the upside and the Render price could clear the $13.838 peak before an extension north. Such a directional bias could see the Render price record a new all-time high at the $14.000 psychological level, or higher.
Notice the strong presence of the bulls in the RNDR market. The large and growing volumes of the histograms of the Awesome Oscillator (AO) signify this.
TradingView: RNDR/USDT 1-week chart
Converse Case
On the other side, extrapolating from the overbought narrative, the Render price could be due for a correction. Already, there are signs of a drop, shown by the shrinking volume indicator, showing the ongoing trend is beginning to lose strength.
If the bears recover the market, propelled by profit booking, the Render price could dwindle, first losing support due to the 78.6% Fibonacci retracement level at $10.958. An extended fall could see the AI crypto coin test the most critical Fibonacci retracement level of 61.8% at $8.697.
In a dire case, the Render price could slip below the 50% Fibonacci placeholder at $7.109. A break and close below this level would invalidate the bullish thesis, confirmed by a descent below the ascending trendline under the $6.000 psychological level.
Meanwhile, investors are flocking to 5SCAPE, a new VR/AR presale. It is the ticker for the 5th Scape ecosystem, advertised as the world’s first AR & VR ecosystem connecting the smartest minds together.
Promising Alternative To Render
5th Scape says it is the gateway to the next big thing of the decade, unlocking the limitless potential of the virtual realm.
Community members get to experience a hyper-realistic game world of virtual reality via a diverse array of gaming experiences. The wealth of offerings include everything from adrenaline-pumping battles to precision archery, high-speed racing, and immersive sports.
🌐✨ Embark on a groundbreaking journey with 5th Scape! 🚀 We're not just crafting games; we're forging immersive realities. As VR ecosystem developers, we aim to redefine the gaming landscape. 🎮✨ 🌌🕶️ #5thScape #VRInnovation #ImmersiveGaming #TechRevolution 🚀🎮 pic.twitter.com/khmgW84Kti
— 5th Scape (@5th_scape) December 28, 2023
The 5th Scape VR ecosystem allows the Web3 sector to step into tomorrow by unleashing the next wave of gaming innovation in the VR sector.
The platform is committed to becoming the architect of alternative realities by creating an integrated system complete with hardware and software.
Experts say it has the potential to explode 100X gains on launch.
The 5th Scape VR ecosystem also has a developer center to give builders access to the right resources to bring their worlds to life and unleash a new wave of gaming innovation.
You can become an early adopter in this budding ecosystem with the presale still active.
Join us NOW!!!!!#cryptocurrency #Token #5thscape pic.twitter.com/yNEeQrrbP1
— 5th Scape (@5th_scape) March 16, 2024
So far, presale sales have rocketed past $1.5 million as the project surges towards its $2.5 million target.
Investors looking to buy 5SCAPE, the ticker for the 5th Scape ecosystem, can do so for $0.00215. With a 15% price increase coming in a little over five days, it’s best for interested investors to buy now.
Also Read:
- How To Buy 5th Scape – 5SCAPE Token Presale Review
- 5th Scape Unlocks Unmatched VR Adventures With Token Presale – Why Investors Shouldn’t Miss the Opportunity
- 5th Scape Brings A Hyper-Realistic World of Virtual Reality to Web3
- If You Believe In The Future Of AR/VR, 5th Scape (5SCAPE) Is The Best Project To Invest In
- The VR Industry Is All Set To Receive A Massive Boost Thanks to 5th Scape (5SCAPE)
- Where to Buy Presale Crypto: Unlock Exclusive Early Investments Now!
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