New Breakthroughs Propel Render Price Up 11%
Render continues its bullish rally with a cool 11% increase as noted by CoinGecko. Although the market has dipped slightly, the majority of it is still flashing green with the major cryptocurrencies reaching their respective targets. However, recent developments in the Render network made this upward trajectory possible.
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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-tier outputs while slashing work hours and streamlining workflows.
New Wizard Tool Shortens Artist Workflow
Render released the Cinema 4D Wizard last week, August 20, helping 3D artists to cut work time and streamline their workflows. This plug-in works on the Cinema 4D application, one of the most used 3D rendering software.
According to Render’s knowledge base, the tool has several features upon launch the most notable of which is the scene checker that analyzes several factors that may affect the final output. This assists artists in cleaning up their renders, making sure that each piece is in tip-top shape.
— The Render Network (@rendernetwork) August 20, 2024
NVIDIA Earnings Might Push RENDER Higher
With the Render network’s focus on decentralized computing, graphic cards are the backbone of the platform’s niche in the decentralized physical infrastructure (DePIN) industry. Nvidia’s nearing earnings call will affect RENDER’s price movement in the coming weeks.
August 28 will be the date investors and traders should monitor. Any positive or negative news will affect the token’s performance once D-day lands. However, the company’s anticipated next-generation AI chips might give RENDER a boost in the long term.
RENDER Exhausted After A Week Of Upward Momentum
As of writing, the token has been rejected by the $6.3 resistance level as a red candle forms on today’s trading activity. This represents a slight dip in the coming days, purely because of RENDER bulls losing momentum in the short term.
The token’s high relative strength index indicates a strong struggle between the bulls and bears, and the latter is currently winning in the short term. RENDER’s correction period may have started, but it won’t last that long. Investors and traders are still anticipating Nvidia’s earnings call that can turn the correction into another week of bullishness.
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For now, the bulls should focus on consolidating their position and stabilize the token’s movement between the $5.8-$6.3 price range as this will be their strongest platform for any upward movement. Any attempt in the short term to retake lost ground won’t be enough and might give the bears an opportunity to swing the little momentum RENDER has to break through $5.8 to $5.3 in the short term.
Featured image from Medium, chart from TradingView
