The Render Network saw a remarkable performance last month after the finalization of its token rebrand. Its bullish rally was halted in August due to the market retraces, which made the cryptocurrency’s price tumble below the $4 mark.
However, its most recent performance skyrocketed the price by over 33% in the past week. Some analysts believe there is a catalyst that could drive the price toward a massive pump in the coming days.
Related Reading
RENDER Skyrockets 30% In 7 Days
Following its rebrand, AI token RENDER saw a massive 140% increase in daily trading volume. Its price surged nearly 20% toward the $7 resistance level, considered a “great buying opportunity” for some investors and analysts.
Nonetheless, the crypto market downturns hindered the token’s performance, making it plunge over 27% at the beginning of the month. Throughout the following weeks, RENDER moved sideways between the $4.3-$5 price range but started to gain momentum in the last seven days.
The cryptocurrency registered a remarkable price action, surging 33% last week. RENDER’s pump propelled its price above the $5 range, which resulted in the retest and breakout of the descending upper trendline of its multi-month downtrend.
The bullish momentum continued as the token retested and successfully reclaimed the $6 resistance level. As a result, the token saw a 50% price increase over the weekend, trading between the $6-6.5 price range since its jump.
Despite this, the token registers a mild 2.8% decrease in the last 24 hours, currently trading at $5.95, seemingly fueled by the latest market retrace.
NVIDIA’s Report: The Catalyst For A Massive Rally?
Several market watchers predicted the token might see a massive pump in the coming days. RENDER has pumped, alongside most of the AI token sector, ahead of NVIDIA’s Q2 earnings report, noted some analysts.
In the past week, cryptocurrencies like FET, AGIX, and OCEAN have seen a 46.2%, 53.9%, and 46.3% surge, respectively. Trader and investor Crypto Rand urged investors to “keep a close eye on the $NVDA results” as they could be the “catalyst” for a massive rally. He also suggested that RENDER was “consolidating nicely after the breakout.”
Similarly, NoBSCrypto podcast’s host, Kyren, considers that investors should be bullish about the upcoming report. The NVIDIA Q2 earnings report is scheduled for Wednesday, August 28, and could be “the PERFECT catalyst” for Render’s breakout above the $6.5 level.
Related Reading
Kyren highlighted that the token has been in a multi-month falling wedge pattern, losing over 55% of its all-time high (ATH) price. Per the post, RENDER could benefit from its “close connections to NVIDIA,” which could likely show “some more correlation just like before.”
A positive impact from the report could propel the cryptocurrency to a $10 target before moving toward new heights. However, other market watchers believe a retrace to the $5.2 range could come before the bullish rally.
Featured Image from Unsplash.com, Chart from TradingView.com
