🔥 AI token called ‘Nvidia of crypto’ soars 40% in a week
Render (RENDER), a decentralized graphics processing unit (GPU) platform that utilizes blockchain technology and is traded in the cryptocurrency markets through its token of the same name has seen remarkable growth in the last 7 days of trading.
Indeed, the token, considered by many in the cryptocurrency community to be the ‘Nvidia of crypto,’ has benefited from a rise in investor interest as the ongoing artificial intelligence (AI) boom has invigorated demand for software and hardware powering the technology.
The last seven days have been particularly good for RENDER. After a lackluster month in the market that saw the token decline approximately 7%, it rose an impressive 43.68% to ensure that the Render price today stands at $6.27.
Additionally, having reclaimed the $6 level, RENDER is comfortably above the upper Bollinger Band ($5.894), which often signals overbought conditions. Still, the token is trading below its 200-day simple moving average (MA) and had only 13 green days out of the last 30.
These factors combined suggest a potential pullback or consolidation might be on the horizon, though the upcoming Nvidia (NASDAQ: NVDA) earning report means the rally will likely persist for some time, particularly should there be a breakout above the resistance level at $7.33.
🔸 Why is #Render up 40% in a week?
A major reason for the rise is the upcoming Nvidia earnings report, which is expected to demonstrate the sector’s continued growth and, by extension, the continued demand for and utility of RENDER.
The analyst forecast for the August 28 report is that Nvidia will report earnings-per-share (EPS) of $0.59 – $0.01 above its second-quarter results – though the market expects the target will be beat.
Render will likely continue rising, potentially exploding in value upon the report’s release as the cryptocurrency performed in much the same way in March, around the NVIDIA GTC 2024 event. At the time, RENDER rapidly rose from about $7 to just above $13.
