As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I have witnessed countless instances of market volatility and trends that defy conventional wisdom. The recent performance of RENDER has been nothing short of fascinating, given its remarkable 30% surge in just seven days.
Last month, The Render Network experienced exceptional growth following the completion of its token renaming process. However, this upward trend came to a halt in August as the overall market started to retreat, causing the value of the cryptocurrency to plummet under the $4 level.
In the last seven days, the price has surged more than 33% due to its strong recent performance. Some experts predict a significant increase in the upcoming days, suggesting a potential price surge.
RENDER Skyrockets 30% In 7 Days
After undergoing a brand makeover, the AI-related token known as RENDER experienced a significant boost in its daily trade activity, climbing by approximately 140%. The price of this token also spiked close to the $7 resistance point, which is seen as an attractive prospect for buying by some investors and financial experts.
Despite a decline in the crypto market causing setbacks, the token dipped more than 27% at the start of the month. Over the next few weeks, RENDER fluctuated around the $4.3 to $5 price range. However, over the past seven days, it has picked up speed.
Last week, the value of the cryptocurrency experienced a significant jump, rising approximately 33%. The increase was driven by RENDER’s surge, pushing its price beyond the $5 threshold. This spike caused the digital asset to retest and ultimately break free from the upper trendline of its prolonged downward trend.
The bullish momentum continued as the token retested and successfully reclaimed the $6 resistance level. As a result, the token saw a 50% price increase over the weekend, trading between the $6-6.5 price range since its jump.
Despite this, the token registers a mild 2.8% decrease in the last 24 hours, currently trading at $5.95, seemingly fueled by the latest market retrace.
Multiple market observers anticipated that the value of this token could significantly increase in the near future. However, it appears that RENDER, along with many other AI-related tokens, has already experienced a surge in value before NVIDIA’s Q2 financial report, according to certain analysts.
Over the past seven days, digital currencies such as FET, AGIX, and OCEAN have experienced substantial growth at rates of 46.2%, 53.9%, and 46.3% respectively. Crypto analyst and market enthusiast, Crypto Rand, advised investors to pay close attention to the upcoming $NVDA earnings report, as it could potentially trigger a significant price increase. Additionally, he noted that RENDER seems to be stabilizing well after its breakout.
Likewise, the host of NoBSCrypto podcast, Kyren, believes that investors should remain optimistic regarding the forthcoming report. The Q2 earnings report from NVIDIA is set for release on Wednesday, August 28, and could potentially serve as “an ideal trigger” for Render’s price surge surpassing the $6.5 mark.
As a crypto investor, I’ve noticed that the RENDER token has been forming a multi-month falling wedge pattern, shedding approximately 55% of its all-time high (ATH) price. Kyren’s post suggests that this token could potentially benefit from its close ties with NVIDIA, which might lead to “some more correlation” similar to what we saw earlier.
The favorable influence of the report might catapult the cryptocurrency towards a $10 goal initially, but afterwards, it may ascend even higher. On the other hand, some analysts foresee a temporary dip back to around $5.2 before the market uptrend gains momentum.
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2024-08-28 10:16