The Render Network has had a remarkable performance in the past month after its token rebranding was completed. Its bullish rally was interrupted in August due to market retracements, which sent the cryptocurrency’s price below $4.
However, its most recent performance has pushed the price up more than 33% in the past week. Some analysts believe there is a catalyst that could push the price towards a massive rally in the coming days.
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RENDER soars 30% in 7 days
Following its rebrand, AI token RENDER saw a massive 140% increase in daily trading volume. Its price surged nearly 20% towards the $7 resistance level, which some investors and analysts considered a “great buying opportunity.”
However, the cryptocurrency market downturn hampered the token’s performance, causing it to drop by over 27% earlier this month. Over the next few weeks, RENDER traded sideways between $4.3 and $5, but began to gain momentum over the past seven days.
The cryptocurrency has seen remarkable price action, surging 33% in the past week. RENDER’s surge propelled its price above the $5 range, leading to a retest and breakout of the upper descending trendline of its multi-month downtrend.
The bullish momentum continued as the token successfully retested and reclaimed the $6 resistance level. As a result, the token saw a 50% price increase over the weekend, trading between $6 and $6.5 since its surge.
Despite this, the token is seeing a slight decline of 2.8% over the past 24 hours, currently trading at $5.95, seemingly fueled by the latest market retracement.
NVIDIA Report: Catalyst for Massive Rally?
Several market watchers have predicted that the token could see a massive surge in the coming days. RENDER surged, alongside most AI tokens, ahead of NVIDIA’s Q2 earnings report, some analysts noted.
Over the past week, cryptocurrencies like FET, AGIX, and OCEAN have seen gains of 46.2%, 53.9%, and 46.3%, respectively. Trader and investor Crypto Rand urged investors to “keep a close eye on $NVDA’s performance” as it could be the “catalyst” for a massive rally. He also suggested that RENDER is “consolidating nicely after the breakout.”
Similarly, Kyren, the host of the NoBSCrypto podcast, believes that investors should be optimistic about the upcoming report. NVIDIA’s Q2 earnings report is scheduled for Wednesday, August 28, and could be “the PERFECT catalyst” for Render to break above the $6.5 level.
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Kyren pointed out that the token has been on a downtrend for several months, losing over 55% from its all-time high (ATH) price. According to the post, RENDER could benefit from its “close ties to NVIDIA,” which could likely show “a higher correlation than before.”
A positive impact from the report could propel the cryptocurrency towards a target of $10 before heading towards new highs. However, other market observers believe that a return to the $5.2 range could occur before the bullish rally.
Featured image from Unsplash.com, chart from TradingView.com
