With bitcoin having surged up above $43,000 over the last few days, a lot of the altcoins were bound to follow. Among the best of the leading pack are Render (RNDR) and Bittensor (TAO).
Render – a fantastic value proposition
Render (RNDR) has a fantastic value proposition, in that it is a decentralised network of nodes populated by idle CPUs that can be used to carry out the most graphic-intensive of rendering jobs.
The potential value in Render increased a whole lot more when Apple decided to integrate Render into their iPhones so that users can tap into Render for their graphic rendering needs.
It is for this reason that $RNDR has become a popular choice for holding through this current crypto bull market.
Source: Coingecko/Trading View
$RNDR is making hay right now and has broken out of the downward trend line. By imposing the fibonacci sequence on the chart, it can be observed that the $RNDR price has paused at the golden 0.618 fibonacci. Should it manage to continue its push, the fibonacci level of the 0.786 could be the next stop.
Bittensor in price discovery
With all the hype around AI, and how governments are looking to completely control it and take it away from people, Bittensor is a project that seeks to provide a decentralised AI solution that people can still tap into.
Source: Coingecko/Trading View
$TAO is also galloping upwards at a rapid rate. Now in price discovery, $TAO is heading towards the $500 levels, and a possible tag of the 1.618 fibonacci level at $514, before perhaps taking a breather.
Traders should be very aware of taking profits given that a possible bitcoin reversal could trap many at these high prices. Stop losses are also advised.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
