Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum
A top analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one artificial intelligence (AI)-related altcoin is gearing up to rally to a fresh record high.
Pseudonymous analyst Pentoshi tells his 756,300 followers on the social media platform X that he’s bullish on the native asset of Render (RNDR), a crypto project that aims to provide a decentralized marketplace for Graphics Processing Units (GPUs).
The project, which recently migrated to Solana (SOL), now uses its GPU network to give users the required compute power to complete tasks in the AI field such as machine learning training.
According to Pentoshi, RNDR is on the cusp of breaching its all-time high of $8.78, which it recorded in November 2021.
“I do think it will enter price discovery in the very near future, but would not be surprised to see it consolidate and correct for a few weeks first. The middle of this larger range likely a good area to buy and something Ill be keeping an eye on.”
At time of writing, RNDR is worth $7.32.
Another altcoin on the trader’s radar is the leading smart contract platform Ethereum (ETH). According to the analyst, the speculation surrounding the possibility of getting a spot market Ethereum exchange-traded fund (ETF) could send ETH close to $3,500.
“As we get closer to the ETF dates, more people should speculate. Approval or not doesn’t matter, just that they participate.”
At time of writing, ETH is worth $3,144, up over 2.8% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum appeared first on The Daily Hodl.
