Render continues its bullish rally with a cool 11% increase, as noted by Coin gecko. Although the market has fallen slightly, most of it is still flashing green major cryptocurrencies achieving their respective objectives. However, recent developments in the Render Network have made this upward trajectory possible.
Related reading
Enthusiasts of the network continue to see growth after the platform released its Cinema 4D Wizard tool, which sees huge potential in the media industry. This new tool helps artists achieve top results while reducing work hours and streamlining workflows.
New wizard tool shortens artists’ workflow
Cause issued last week’s Cinema 4D Wizard, August 20, which helped 3D artists reduce their work time and streamline their workflows. This plugin works on the Cinema 4D application, one of the most widely used 3D rendering software.
According to Renders knowledge basethe tool has several features at launch, the most notable of which is the scene checker that analyzes various factors that could influence the final output. This helps artists clean up their renders and ensures each piece is in top shape.
— The Render Network (@rendernetwork) August 20, 2024
NVIDIA earnings could push RENDER higher
Because the Render Network focuses on decentralized computing, graphics cards form the backbone of the platform’s niche in the decentralized physical infrastructure (DePIN) industry. Nvidia’s impending earnings call will impact RENDER’s price movement in the coming weeks.
August 28 will be the date that investors and traders should keep an eye on. Any positive or negative news will impact the token’s performance once D-day lands. However, the company’s expected next-generation AI chips could boost RENDER in the long run.
RENDER Exhausted after a week of upward momentum
At the time of writing, the token has been rejected by the $6.3 resistance level as a red candle forms on current trading activity. This represents a slight dip in the coming days purely because the RENDER bulls are losing momentum in the short term.
The token’s high relative strength index indicates a strong battle between the bulls and the bears, and the latter is currently winning in the short term. RENDER’s correction period may have begun, but it won’t last that long. Investors and traders are still anticipating Nvidia’s earnings numbers, which could turn the correction into another week of bullishness.
Related reading
For now, the bulls should focus on consolidating their position and stabilizing the token’s movement between the $5.8-$6.3 price range as this will be their strongest platform for any upward move. Any short-term attempt to regain lost ground will not be enough and could give the bears a chance to break what little momentum RENDER has to break through the $5.8 to $5.3 in the short term.
Featured image from Medium, chart from TradingView