Render (RNDR) price, an AI-based altcoin, has been facing downward pressure, declining by 6% over the past week. Despite a brief market recovery recently, a correction appears imminent.
The downturn comes just as NVDA, a chip giant and technology company, is set to announce its second-quarter earnings next week on the 28th of August. NVDA refers to Nvidia Corporation, which specializes in the development of graphics processing units (GPUs) and related technology.
In the past, the chip giant’s earnings have catalyzed rallies in Artificial Intelligence (AI) altcoins, including RNDR, which is currently on a downtrend. It suggests investors may anticipate broader sector challenges that influence the RNDR price trajectory.
Render Price Plunges As Nvidia Rides AI Wave
As Nvidia Corporation continues to lead the artificial intelligence chip market, its upcoming release of second-quarter financial results is highly anticipated. Known for its influential role in advancing graphic processing units, NVDA has also aggressively pursued AI technology, positioning itself at the forefront of this sector.
With the stock price approaching record highs, investors are eager to discern the latest AI chip market trends from the earnings report. This could reinforce a positive outlook for AI-based tokens, including Render price.
The prevailing sentiment suggests that Nvidia’s stock still has the potential for significant growth, making it a viable long-term investment.
Render Price Prediction: RNDR Awaits Catalyst to Plug Downtrend
Render price has experienced a downturn over the past 24 hours following the market corrections. The altcoin hovers below the $5 support level, indicating a descending trend. The RNDR price is trading at $4.55 on Wednesday, slightly decreasing by 3%.
If the RNDR continues its downward trend, crypto markets suffer a sell-off. It might soon approach the $4.5 support level. Increased selling pressure could push it lower to $4, signaling a stronger bearish outlook.
The Moving Average Convergence Divergence (MACD) remains close to the zero line, suggesting a lack of strong momentum in either direction. The histogram shows minor fluctuations around zero, indicating a balance between buying and selling pressures.
The Relative Strength Index (RSI) stands near the neutral 50 mark, specifically at 48. This suggests that the asset is neither overbought nor oversold, supporting the current Render price consolidation phase after the decline.
According to Coinglass data, the trading activity for RNDR derivatives has seen a notable decline, fueling the current bearish trend in the market. Volume has dropped by 25.60% to $36.21 million, while Open Interest has decreased by 8% to $22.10 million. These shifts suggest a reduction in trader confidence and market liquidity, which could potentially lead to increased volatility and downward pressure on prices.
Conversely, if the market sentiment shifts and buyers step up, RENDER could climb towards the $4.70 resistance. A break above $5 might indicate a shift to a bullish trend, potentially elevating the price to $5.5. If it stabilizes at this higher range, RENDER could extend gains toward the $6.
Frequently Asked Questions (FAQs)
Node operators can monetize their idle GPU compute power by participating in the Render Network, offering their resources to artists and developers needing rendering solutions and earning compensation in return.
The Render Network provides artists with scalable and efficient GPU rendering power, allowing them to accelerate intensive 3D rendering tasks and enhance their digital creation capabilities.
Yes, developers can build and deploy applications on the Render Network, utilizing its decentralized GPU computing infrastructure to support innovative services and projects in the digital economy.
Related Articles
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/render-price-plunges-3-can-nvidias-q2-earnings-save-rndr/
✓ Share: