Trader Bullish on Ethereum Altcoin Render (RNDR) as Altcoin Market Structure Looks Promising
Render (RNDR), an altcoin that focuses on providing decentralized GPU power for artificial intelligence projects, has caught the eye of one trader who believes it is a solid investment option for the long term. With the growing interest in AI technology, especially in the crypto space, RNDR is seen as a pioneering project in the field of compute power for AI applications.
Trading at $10.03, RNDR has recently experienced a slight dip in price but remains one of the top-performing altcoins in the market. Despite a 2% decrease in value in the past day, it has gained 36% since the start of May and an impressive 124% since the beginning of the year. Currently ranked 27th in terms of market capitalization, RNDR has outperformed other well-known projects like Hedera, Cosmos, and Filecoin.
Altcoin Sherpa, an analyst specializing in alternative cryptocurrencies, has identified RNDR as a promising token for long-term investment. While the coin may not be suitable for day traders or speculators due to its lower volatility compared to other altcoins, Sherpa believes that RNDR presents a strong opportunity for investors looking to buy and hold.
In addition to RNDR, Sherpa is also bullish on Celestia (TIA), another altcoin that offers a modular network for blockchain developers. However, the analyst warns investors to exercise caution with Lido DAO (LDO), as it may soon retest its lower Fibonacci retracement levels.
Celestia’s native token, TIA, is expected to experience price fluctuations following an upcoming unlocking event scheduled for October 30. This event will release over 58 million TIA tokens into the market, accounting for 31% of the circulating supply. Despite the potential for price dips post-event, Sherpa sees significant upside for TIA in the coming months as the project continues to develop its specialized blockchains.
Overall, with the growing interest in AI technology and decentralized compute power, projects like Render (RNDR) and Celestia (TIA) are positioning themselves as key players in the crypto market. As always, investors are urged to conduct thorough research and consider the unique dynamics of each project before making investment decisions.
