Render Price Plunges 3%, Can NVIDIA’s Q2 Earnings Save RNDR?

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As a seasoned analyst with over two decades of market experience under my belt, I have seen countless instances where one company’s success can significantly impact an entire sector. In this case, Nvidia Corporation’s upcoming earnings report is a critical event for AI-based altcoins like Render (RNDR).

The price of RNDR, a digital coin using artificial intelligence, has seen decreasing trends for the past week, dropping approximately 6%. Although there was a temporary market uptick, it seems that a readjustment could be on the horizon.

The slump arrives at a time when Nvidia Corporation, a prominent player in both the chip industry and technology sector, is about to disclose its second-quarter financial results on August 28th, coming up next week. Notably, Nvidia Corporation focuses primarily on designing graphics processing units (GPUs) and associated technologies.

Historically, the profits of the large semiconductor company have triggered surges in the prices of alternative cryptocurrencies focused on Artificial Intelligence (AI), such as RNDR. The current decline in RNDR could hint at potential difficulties across the sector that might impact its price trend, causing investors to tread cautiously.

Render Price Plunges As Nvidia Rides AI Wave

As an analyst, I eagerly await Nvidia Corporation’s second-quarter financial results, given its dominant position in the artificial intelligence chip market. With a history of pioneering advancements in graphic processing units (GPUs), Nvidia (NVDA) has not only maintained but also expanded its influence by actively embracing AI technology. This strategic move has placed them at the cutting edge of this rapidly evolving sector.

As the stock price nears all-time highs, investors are keen to glean the most recent tendencies in the AI chip market, as revealed in the earnings report. Such insights might strengthen the optimistic viewpoint towards AI-centric cryptocurrencies, such as Render’s pricing.

As an analyst, I find myself confidently affirming that Nvidia’s shares continue to show promise for substantial expansion in the future, positioning them as a promising choice for long-term investments.

What’s Next For Render Price?

Over the last 24 hours, the price of RNDR has dipped due to market adjustments, and it currently remains below the $5 support point, suggesting a falling pattern. On Wednesday, the RNDR price stands at $4.55, dropping by approximately 3%.

If the price of RENDER cryptocurrency keeps falling, it may soon reach a support level of around $4.5. Intense selling activity might even drive it down to $4, which would suggest a more aggressive bearish perspective.

As a researcher, I find that the Moving Average Convergence Divergence (MACD) is hovering near the zero line, implying a weak momentum in either bullish or bearish direction. The histogram subtly oscillates around the zero mark, suggesting an equilibrium between buying and selling forces.

As a researcher, I find myself observing that the Relative Strength Index (RSI), in this instance, hovers around the neutral point of 50, to be more precise, it’s at 48. This indicates that the asset is neither experiencing overbuying nor overselling, which aligns with the ongoing consolidation phase following the price decline, providing support for the current market situation.

Render Price Plunges 3%, Can NVIDIA’s Q2 Earnings Save RNDR?

Based on information from Coinglass, the trading of RNDR derivative contracts has noticeably decreased, contributing to the present bearish outlook in the market. The trading volume has dropped by 25.60%, landing at $36.21 million, and Open Interest has fallen by 8% to $22.10 million. These changes indicate a decrease in traders’ confidence and market liquidity, which might result in higher volatility and potential downward forces on prices.

Render Price Plunges 3%, Can NVIDIA’s Q2 Earnings Save RNDR?

If the market’s outlook reverses and more buyers emerge, RENDER may ascend towards the resistance of $4.70. A jump above $5 would suggest a transition to a bullish phase, possibly propelling the price up to $5.5. If it maintains this higher level, RENDER could continue its growth toward $6.

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2024-08-21 13:50