Is It Too Late To Buy Render? RNDR Price Climbs 20% Amid AI Coin Rally

Tim Hakki

Last updated:

April 16, 2024 at 19:54 GMT+3

| 2 min read

Render (RNDR) and several other leading AI tokens are bearing the brunt of a market-wide crypto crash, according to price data by CoinGecko.

Earlier today, a brief AI coin rally added as much as 20% to RNDR’s price, before dropping back into a downtrend.

Indeed, AI tokens across the board rallied briefly before plummeting by mid-afternoon UTC on Tuesday, April 16.

The sudden depreciation comes in the context of a wider downturn in the last few hours as the market does a spot of profit-taking ahead of Saturday’s Bitcoin halving.

That said, the losses among AI tokens are particularly heavy. RNDR is down 10% in the last 24 hours and currently changes hands at $8.05.

It’s closest contender, the largest AI token by market cap, Bittensor (TAO), has fallen 15% overnight to trade at $466.

At this rate, there is potential for the $3.06 billion market cap RNDR to flip the $3.08 billion TAO for the top spot any day now.

RNDR’s trading chart for the last three months tells a story typical of many cryptocurrencies these last three months. E

arly March proved to be a hefty catalyst for an explosive ascent from around $7 to $12 between the 6th and 9th. RNDR then went on to clock a new all-time high (ATH) of $13.53. Today’s price reflects a depreciation since then of about 41% with the heaviest losses arriving in April.

The sell-off could continue for a little bit longer too, according to RNDR’s Relative Strength Index (RSI), which is currently at 36 and sliding. If the token’s RSI falls below 30, it will be oversold.

As AI Tokens RNDR and TAO Crash, SLOTH Lights Up.

Given the stormy waters around AI tokens right now, investors might want to hedge their bets with some potentially explosive meme coin action.

Now, in the parlance of investing, “meme coins” and “hedging” really don’t go well together, although having said that, the funny tokens are actually doing better than AI tokens today. Still, in general meme coins volatile and highly speculative, even by crypto’s already volatile and highly speculative standards.

With Bitcoin’s halving due on Saturday, the industry is holding out for a bull run.

It’s happened in the previous three halvings and analysts expect this time will be no different. That’s because in...

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