RENDER: “Nvidia Effect” Brings Volatility and Token Hits $6.00

The wave of rising prices for tokens linked to Artificial Intelligence (AI) continues. After FET recorded gains of 67% on Monday (26), it was now Render’s (RENDER) turn to face strong volatility.

The company’s quarterly results have not yet been released, but RENDER is already experiencing a strong rise. This Wednesday (28), the token rose sharply and broke the US$ 6.30 barrier. However, the price fell again, and now RENDE is worth around US$ 5.60, giving back practically all the gains.

Other AI tokens have seen strong gains as investors await the chipmaker’s July earnings report. Will the “Nvidia Effect” boost this niche cryptocurrency?

RENDER price hits $6.00

Interest in RENDER’s price has increased dramatically, driven by growing anticipation around Nvidia’s upcoming earnings announcement. The company is a leader in graphics processing units (GPUs), and the Render Network is a network that allows GPU owners to monetize their cards’ power.

In this sense, they can rent out excess processing power on Render to miners, receiving RENDER tokens in return. This has the tech community buzzing as Nvidia prepares to report its earnings.

Other AI-based altcoins such as FET, TAO and NEAR also experienced similar declines. In the case of FET, the price fell 6.9% on Wednesday, but it still saw gains of 30% on the week. Bitcoin (BTC) also fell sharply, losing 4.7%, which caused its price to open the day below $60,000.

RENDER Analysis

The recent sentiment analysis chart shows a decline in RENDER investor confidence from mid-March to late August 2024. A clear drop in sentiment reflects growing market concerns, which could push RENDER price lower.

The chart also shows a correlation between sentiment and trading volume. That is, when pessimism dominates the market, there is a drop in volumes.

Periods of high trading activity align with spikes in negative sentiment. This indicates that traders may have sold their RENDER during these periods, contributing to the downward pressure.

Since sentiment greatly influences investor behavior, this negative trend could lead to further devaluations. If the negative outlook persists, RENDER’s price may continue to fall.

Render’s price support level is currently at $6.00, which has already been broken after the volatility of the last few hours. If the bearish pressure intensifies and RENDER’s price closes the day below $5.80, it could fall further and reach the next support level – $5.50.

Follow Todaysgist on

YOU MAY HAVE MISSED:

Study highlights the impact of AI and crypto assets on the Brazilian financial sector