RENDER: Nvidia data could make token soar over 100%

The price of Render (RNDR), an Artificial Intelligence (AI)-based token, has been facing downward pressure in recent days. Last week, the token’s price fell 6% and has since recovered, but it could undergo a new correction.

The drop comes as chip and technology giant NVDA is set to announce its second-quarter earnings next week on August 28. Since the giant deals in graphics processing, its results could impact RENDER’s value.

This is because, in the past, the company’s profits have catalyzed strong appreciations in AI-related altcoins. Therefore, optimism about the company’s results could lead RENDER to rise by more than 100% and reach US$ 10. See how this could happen.

Can RNDER take advantage of the “Nvidia effect”?

After experiencing a strong appreciation in 2024, Nvidia continues to lead the AI-focused chip market. As a result, the market eagerly awaits its next quarterly results release.

Known for its influential role in the advancement of graphics processing units (GPUs), Nvidia has also aggressively pursued AI technology, positioning itself at the forefront of this sector.

Furthermore, the company became the first in history to surpass the $3 trillion market cap mark. Even after a correction, the stock price continues to approach record highs, and investors are eager to discern the latest trends in the AI ​​chip market.

In this sense, if Nvidia delivers positive results, it could reinforce a positive outlook for AI-based tokens, including the price of Render.

RENDER Analysis

RENDER price has seen a drop in the last 24 hours following market corrections. According to the chart below, the altcoin is below the $5.00 support level, indicating a bearish trend.

If RENDER continues its downward trend, the crypto markets will see a sell-off. It could soon approach the $4.5 support level. Increased selling pressure could push it down to $4, signaling a stronger bearish outlook.

Conversely, if market sentiment changes and buyers step up, RENDER could rally towards the $4.70 resistance. A break above $5.00 could signal a shift to an uptrend, potentially pushing the price towards $5.50.

If it stabilizes in this higher range, RENDER could extend its gains towards US$ 6.00 and, ultimately, seek the strong barrier of US$ 10.

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