Currently, $Render is down 3%, trading at $4.55, and flirting with the $4.5 support level. I took profits on $RNDR when it hit $11 (red line), and since then, it has stagnated, facing downward pressure as NVIDIA's earnings loom.
NVIDIA, a chip giant known for advancing GPUs and AI technology, will announce its Q2 earnings on August 28th. Historically, NVDA's earnings have sparked rallies in AI altcoins like RNDR, but RNDR is currently trending downwards. This suggests investors are anticipating broader sector challenges impacting its price.
**Render Price Plunges Amid Nvidia's AI Momentum
As Nvidia leads the AI chip market, its upcoming financial results are highly anticipated. With NVDA stock near record highs, investors are eager to gauge AI chip trends from the earnings report, which could positively impact AI-based tokens like $Render.
A continued downtrend could push it to $4, signaling a bearish outlook. The MACD indicates weak momentum, and the RSI at 48 suggests a consolidation phase.
**Market Sentiment and Render's Future
Coinglass data shows a 25.6% drop in trading volume and an 8% decline in Open Interest for $Render derivatives, reflecting reduced trader confidence and liquidity, which could heighten volatility.
However, if market sentiment improves, $Render might rebound to $4.70 or higher. A break above $5 could signal a bullish shift, with potential gains extending to $6. Show Less
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