Traders Bullish on Ethereum Altcoin Render (RNDR) as Altcoin Market Structure Looks Promising

• A cryptocurrency analyst says Render (RNDR) is the cryptocurrency to buy and hold in the coming weeks, especially for investors not looking for quick intraday speculative profits.
• He is 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 abuzz about all things AI. This includes cryptocurrencies, and while most AI-focused projects are aimed at end products, a few unique ones focus on the computing power required for AI. Render is a leader in this market with its decentralized GPU power and, according to one analyst, it could be one of the best tokens to invest in for the long term.

RNDR trades at $10.03, down 2% over the past day on a 16% decline in trading volume, which reached $242 million. At $3.896 billion, it is the 27th largest crypto project, ranking higher than more prominent projects such as Hedera, Cosmos, and Filecoin. Since the beginning of May it has gained 36% and since the beginning of the year 124%.

According to Altcoin Sherpa, RNDR could be the coin to “buy and hold”. However, the analyst noted that the token’s volatility is lower than that of most of its competitors and is not a good investment for day traders and speculators.

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The rendering has followed a descending triangular pattern since reaching a local maximum in March, but finally broke free in early May. As the chart below illustrates, the breakout led to a 35% price increase in the first two weeks of the month. Since then it has been involved in a consolidation phase.

Render, which 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 access the system only as and when needed.

Analyst: Celestia a good buy

Beyond RenderSherpa is also bullish on TIA, Celestia’s native token, a modular network that allows developers to easily launch their own specialized blockchains.

Sherpa believes that TIA will have a big upside in the coming months, but expects the price to fall after the upcoming unlock event. TIA unlocking is scheduled to launch on October 30 this year and will release over 58 million TIA tokens to the market. These tokens represent 31% of the circulating supply and are valued at $624 million at current prices.

The latest unlock event occurred on October 31 last year and brought 267 million TIAs to market, which at the time represented 142% of the circulating supply and was worth $2.8 billion. Back then, the cryptocurrency was still new to most investors and had just listed on Binance, so new investors absorbed most of the tokens.

This time will be different and, according to Sherpa, the authorities intend to inflate the price before the unlock to create exit liquidity.

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