Render (RNDR), a leading decentralized rendering and AI processing platform utilizing GPUs, stands out as one of the top-performing  AI altcoins at present. During the market’s consolidation, Render’s value reached its highest point ever. The token has experienced impressive price increases on different timeframes. Over the last day, RNDR has increased by 5.11%, but over the past week it has only gone up by 0.27%. Nonetheless, when considering the broader perspective, Render has experienced a significant increase of 120.76% in the last month and 691.56% in the last year. Investors and enthusiasts are closely monitoring to see if this momentum will persist.

Price Could Go Higher

The ongoing NVIDIA GTC 2024 conference, where Render Network’s founder Jules Urbach will speak, is expected to boost the RNDR token price. The event will focus on AI technologies and decentralized AI networks, showcasing groundbreaking developments in the field. Urbach’s return to the GTC stage is significant for the crypto industry, as he will discuss the future of rendering, AI, holographic displays, and blockchain.

NVIDIA has made significant advancements in AI technology since the last GTC, including launching new GPU series and AI acceleration features. The conference will delve into the Blackwell HPC chip architecture and explore the integration of OpenUSD with generative AI. Urbach’s presentation is highly anticipated, as it may reveal future projects, technological advancements, and potential partnerships that could elevate Render Network’s capabilities and the RNDR token price.

The crypto community is eagerly awaiting Urbach’s talk, which could potentially lead to an increase in interest in AI crypto tokens, particularly RNDR. Speculation about extended partnerships and collaborations with industry giants like NVIDIA could drive prices up. The expectation of Urbach’s presentation has already played part in RNDR reaches its all-time high on March 17, 2024. 

To build on last week’s BTN preview and announcement of @JulesUrbach‘s live talk on “The Future of Rendering: Real-Time Ray Tracing, AI, Holographic Displays, and Blockchain” at @NVIDIA #GTC2024, we’re releasing A THREAD — Part 2 of our curated sessions guide.

Here are a few…

— The Render Network (@rendernetwork) March 14, 2024

Prices Could Go Lower

Wallet address 0x22f, known as a whale, deposited 1 million RNDR (worth $11.3 million) to Binance. This whale has made an estimated profit of $24.08 million, resulting in a 387% return on investment. Despite the deposit, the whale still holds 1 million RNDR, valued at around $13 million. Two other wallets, identified as 0x9f5 and 0x69f, jointly deposited 1.5 million RNDR (worth $19.5 million) to Coinbase just 3 hours ago.These wallets are part of a network that received 58.28 million RNDR from the Render Network in 2022 when the token’s price was $1.41.

Whales releasing their Render tokens into the market increases the available supply for trading. This sudden increase in supply can cause an imbalance between supply and demand, leading to a drop in the price of Render. More tokens entering the market can overwhelm buyers, reducing demand compared to the increased supply. This imbalance usually results in a price decrease. Moreover, whale dumping can start a chain reaction of selling as other traders, seeing the price drop, may sell their holdings to cut losses or take advantage of short-term price changes. This adds to the downward pressure on the price of Render.

Render (RNDR) Price Forecast

Based on technical analysis the EMA values indicate a mix of buy and sell signals across different timeframes, with shorter EMAs indicating sell signals and longer EMAs suggesting buy signals. However, the MACD level is showing a buy signal. The combination of indicators suggest some uncertainties in the near future, but a small inclination towards optimism in the medium to long run.

The RSI is currently at 53.170, showing a neutral sentiment. This indicates that the market sentiment is balanced since it is not excessively bought or sold.

The Fibonacci retracement levels offer critical levels of support and resistance. 

Support levels = $8.356 to $12.294

Resistance levels range from $13.798 to $16.232

Given the mixed signals from the technical indicators, the price of RNDR may experience some volatility in the short term. If the price were to decrease, it may be supported at around $10.750, with additional support at Fibonacci levels $9.860 and $8.356. During a bullish trend, potential resistance levels can be seen at $13.798, $14.728, and $16.232, with a possible peak near $14.688.

Briefly, although the immediate future is unclear because of conflicting indicators, the overall trend for the medium to long run seems somewhat optimistic. Traders and investors should pay close attention to important support and resistance levels as well as overall market trends in order to make well-informed choices.

Conclusion

RNDR has experienced substantial growth despite the unpredictable market conditions. The crypto community is eagerly awaiting Jules Urbach’s speech at the NVIDIA GTC 2024 conference, but recent large-scale transactions have introduced uncertainty into RNDR’s future direction. Experts recommend careful consideration of support and resistance levels based on technical analysis for investors

The post Render (RNDR) Price Hit ATH. Will the Momentum Continue? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am