Render (RNDR) Price Prediction: RNDR Awaits Catalyst to Plug Downtrend

Render (RNDR) price, an AI-based altcoin, has been facing downward pressure, declining by 6% over the past week. Despite a brief market recovery recently, a correction appears imminent.

Render (RNDR) price, an AI-based altcoin, faced downward pressure, declining by 6% over the past week. Despite a brief market recovery recently, a correction appears imminent.

The downturn comes as NVDA, a chip giant and technology company, is set to announce its second-quarter earnings next week on the 28th of August. NVDA refers to Nvidia Corporation, which specializes in the development of graphics processing units (GPUs) and related technology.

In the past, the chip giant’s earnings have catalyzed rallies in Artificial Intelligence (AI) altcoins, including RNDR, which is currently on a downtrend. It suggests investors may anticipate broader sector challenges that influence the RNDR price trajectory.

Render Price Plunges As Nvidia Rides AI Wave

Nvidia Corporation continues to lead the artificial intelligence chip market, and its upcoming release of second-quarter financial results is highly anticipated.

Known for its influential role in advancing graphic processing units, NVDA has also aggressively pursued AI technology, positioning itself at the forefront of this sector.

With the stock price approaching record highs, investors are eager to discern the latest AI chip market trends from the earnings report. This could reinforce a positive outlook for AI-based tokens, including Render price.

The prevailing sentiment suggests that Nvidia’s stock still has the potential for significant growth, making it a viable long-term investment.

Render Price Prediction: RNDR Awaits Catalyst To Plug Downtrend

Render price has experienced a downturn over the past 24 hours following the market corrections. The altcoin hovers below the $5 support level, indicating a descending trend.

The RNDR price is trading at $4.55 on Wednesday, slightly decreasing by 3%. If the RNDR continues its downward trend, and crypto markets suffer a sell-off, it might soon approach the $4.5 support level.

Increased selling pressure could push it lower to $4, signaling a stronger bearish outlook. The Moving Average Convergence Divergence (MACD) remains close to the zero line, suggesting a lack of strong momentum in either direction.

The histogram shows minor fluctuations around zero, indicating a balance between buying and selling pressures.

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