The Render Network saw a remarkable performance last month after the finalization of its token rebrand. Its bullish rally was halted in August due to the market retraces, which made the cryptocurrency’s price tumble below the $4 mark.
However, its most recent performance skyrocketed the price by over 33% in the past week. Some analysts believe there is a catalyst that could drive the price toward a massive pump in the coming days.
Following its rebrand, AI token RENDER saw a massive 140% increase in daily trading volume. Its price surged nearly 20% toward the $7 resistance level, considered a “great buying opportunity” for some investors and analysts.
Nonetheless, the crypto market downturns hindered the token’s performance, making it plunge over 27% at the beginning of the month. Throughout the following weeks, RENDER moved sideways between the $4.3-$5 price range but started to gain momentum in the last seven days.
The cryptocurrency registered a remarkable price action, surging 33% last week. RENDER’s pump propelled its price above the $5 range, which resulted in the retest and breakout of the descending upper trendline of its multi-month downtrend.
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.
NVIDIA’s Report: The Catalyst For A Massive Rally?
Several market watchers predicted the token might see a massive pump in the coming days. RENDER has pumped, alongside most of the AI token sector, ahead of NVIDIA’s Q2 earnings report, noted some analysts.
In the past week, cryptocurrencies like FET, AGIX, and OCEAN have seen a 46.2%, 53.9%, and 46.3% surge, respectively. Trader and investor Crypto Rand investors to “keep a close eye on the $NVDA results” as they could be the “catalyst” for a massive rally. He also suggested that RENDER was “consolidating nicely after the breakout.”
Similarly, NoBSCrypto podcast’s host, Kyren, that investors should be bullish about the upcoming report. The NVIDIA Q2 earnings report is scheduled for Wednesday, August 28, and could be “the PERFECT catalyst” for Render’s breakout above the $6.5 level.
Kyren highlighted that the token has been in a multi-month falling wedge pattern, losing over 55% of its all-time high (ATH) price. Per the post, RENDER could benefit from its “close connections to NVIDIA,” which could likely show “some more correlation just like before.”
A positive impact from the report could propel the cryptocurrency to a $10 target before moving toward new heights. However, other market watchers believe a to the $5.2 range could come before the bullish rally.
RENDER’s performance in the weekly chart. Source: RENDERUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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