Trader Bullish on Ethereum Altcoin Render (RNDR) as Altcoin Market Structure Looks Promising
- One crypto analyst says Render (RNDR) is the crypto to buy and hold over the coming weeks, especially for investors not seeking quick intra-day speculative profits.
- He’s also bullish on Celestia (TIA) but warns that Lido DAO (LDO) may soon retest its lower Fibonacci retracement levels and urges caution with the Ethereum staking project.
Artificial intelligence is the hottest technology in the world, and investors are buzzing about anything related to AI. This includes crypto, and while most AI-focused projects target the end products, a few unique ones focus on the compute power required for AI. Render is leading this market with its decentralized GPU power, and according to one analyst, it might be one of the best tokens to invest in for the long term.
RNDR trades at $10.03, dipping by 2% in the past day amid a 16% drop in trading volume, which hit $242 million. At $3.896 billion, it’s the 27th largest crypto project, ranking higher than more prominent projects like Hedera, Cosmos and Filecoin. Since the start of May, it has gained 36% and 124% since the turn of the year.
According to Altcoin Sherpa, RNDR might be the coin to “buy and hold.” However, the analyst noted that the token’s volatility is lower than most of its peers and is not a good investment for day traders and speculators.
$RNDR: Still a fine place to just buy and hold RNDR imo, I think this is a strong one in the coming weeks. No volatility on it though so its a bad active trading vehicle pic.twitter.com/Nqd8f60YdS
— Altcoin Sherpa (@AltcoinSherpa) May 28, 2024
Render had traded in a descending triangular pattern since hitting a local high in March, but it eventually broke free in early May. As the chart below illustrates, the breakout led to a 35% price surge in the first two weeks of the month. Since then, it has been caught up in a consolidation phase.
Render, soft-launched in 2017 and launched publicly in 2020, offers a decentralized platform for computing power. It allows users to tap into high-performance GPU nodes globally and offers a blockchain-based marketplace for this computing power. This saves users a fortune by allowing them to only tap into the system as/when they need to.
Analyst: Celestia a Good Buy
Beyond Render, Sherpa is also bullish on TIA, the native token of Celestia, a modular network that allows developers to launch their own specialized blockchains easily.
Sherpa believes that TIA has a great upside over the coming months, but he expects the price to dip after the upcoming unlocking event. TIA’s unlocking is scheduled for October 30 this year and will release over 58 million TIA tokens into the market. These tokens account for 31% of the circulating supply and are valued at $624 million at current prices.
The last unlocking event was on October 31 last year and released 267 million TIA into the market, which at the time was 142% of the circulating supply and worth $2.8 billion. Back then, the crypto was still new to most investors and had just been listed on Binance, so the new investors absorbed most of the tokens.
This time, it will be different, and according to Sherpa, the powers that be plan to inflate the price before the unlocking to create exit liquidity.
$TIA: Imo this chart looks pretty good. Thinking about hopping on the train but will prob be patient. Expecting some bullish news so that people buy this before investors unlock in a few months. How do you generate exit liquidity? Pushing chart up before. Don’t hold this for long pic.twitter.com/3ty3X6g9pO
— Altcoin Sherpa (@AltcoinSherpa) May 28, 2024
