Render Network (RNDR) has gained significant traction following its mention by Apple. During Apple's Worldwide Developers Conference (WWDC) in 2024, the company showcased the Octane X 3D rendering software, which is powered by the Render Network, on the new iPad Pro. This integration allows users to leverage decentralized GPU power for advanced CGI capabilities directly from their devices.
Apple's endorsement has validated Render Network's technology and highlighted its potential for broader adoption in digital content creation. The announcement led to a notable increase in RNDR's token value, reflecting growing investor confidence and market enthusiasm.
GLM (Golem Network Token) has the potential for adoption similar to RNDR, although it faces different challenges and opportunities.
Both RNDR and GLM actually have similarities, although there are slight differences in service focus. While RNDR focuses on GPU-based rendering, Golem offers a broader range of computational tasks. This versatility can be an advantage if effectively marketed to the right audiences.
RNDR price action
The price is currently hovering around the 0.618 Fibonacci retracement level, suggesting a potential support zone.
The 0.705 ($6.40871) and 0.786 ($5.555132) levels serve as further potential support zones if the price continues to decline.
If the price holds above the 0.618 Fibonacci level ($7.325516), it may attempt to test higher resistance levels at $8.569 and $9.812484.
Although I hope that the price will immediately bounce from Fibo 0.618, I am wary of the Fair Value Gap (Green box) which was formed on February 12, 2024.
If price action shows a potential reversal at Fibo 0.618, maybe I will enter but with a small amount in anticipation of price filling the Fair Value Gap which is close to Fibo 0.786.
GLM price action
The price is heading towards the 0.786 Fibonacci level, which indicates a strong support zone where the price may consolidate or reverse.
This area coincides with the Fair Value Gap which was formed on February 19, 2024.
If the price holds above the 0.786 Fibonacci level and the support zone (Fair Value Gap area), a potential reversal might occur.
The first targets would be the 0.705 and 0.618 levels. A break above these levels would indicate a potential move towards the 0.5 and 0.382 Fibonacci levels.
But this is weekly price action, it will probably take some time to see what will happen in this area in the next few weeks.
Additionally, this is a very wide support area, around more than 28%. So, for example, if there is an opportunity to enter, it is a good idea to divide the order into several parts as anticipation.
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