Render token price hit $4 on May 10, 2024, after surging 11% within the 24-hour timeframe; on-chain data suggests the rally is driven by improved social sentiment ahead of NVIDIA’s upcoming earnings call.
RNDR is the native token of the Render network, a blockchain ecosystem that provides decentralized computing resources to creators and developers. The technological convergence between blockchain technology, AI, and Big data has triggered increased demand for RNDR, another crypto AI token.
Why is the RNRD Price Going up?
RNDR price has surged by over 60% in May 2024, largely due to a rare mention of the Render service in Apple’s recent AD as well as swelling speculations surrounding Nvidia’s upcoming earnings call.
As seen above, Render token price opened trading for the month around the $6.9 level. Since, then soaring market demand has triggered a 68% rally, with RNDR trading at $11.5 apiece a the time of writing on May 10.
Notably, Render Token (RNDR) had jumped 11% on May 7, after Apple briefly mentioned Octane — a 3D design software that is powered by the Render Network — in a keynote presentation while launching the M4 chip for its latest line of iPad.
The four-minute keynote was delivered by Apple’s vice president of platform architecture, Tim Millet.
“Pro rendering apps like Octane will flat-out fly,” Millet stated, making note of the Render’s software’s performance on the new iPad.
Despite the Octane mention lasting only a brief 3-second cameo, it was enough to catch the attention of strategic RNDR traders who quickly swooped in to front-run potential upsides from Apple’s collaboration with the Render network.
“You can literally see the $RNDR logo in the video,” pseudonymous crypto trader D0c Crypto shared in a May 7 post.
With the Apple iPads powered by Render’s Octane software not hitting the markets until May 15, the RNDR price uptrend could continue to advance further in the days ahead.
Meanwhile, other prominent Crypto AI tokens have also experienced significant gains in the past week. Since the Apple event on May 7 Fetch.ai (FET) price has increased 12.88%, The Graph (GRT) gained 20.28% while SingularityNET (AGIX) also received a 16.18% boost.
RNDR Price Forecast: $14 All-time High in Focus
Render price is currently trading at $11.5 at the time of publication on May 10, reflecting monthly timeframe gains in excess of 68%. However, technical indicators suggest that the use of Render network’s Octane software in Apple’s latest iPad could propel the RNDR price to new all-time highs above $12.50 in the days ahead.
IntoTheBlock’s global in/out of the money data groups existing RNDR token holders according to their entry prices. The chart below shows that the RNDR price uptrend could hit a roadblock at the $12 level.
As seen above, 517 existing holder addresses have acquired 360,700 RNDR at the maximum price of $11.92. Having held at a loss since March, those holders could opt to take profits once RNDR approaches its break-even point in the days ahead.
But it demand surge intensifies after the Apple’s iPad goes on sale on May 15, fitted with Render’s Octane software, RNDR price could enter a parabolic rally to new all-time highs above $14.
On the contrary, in the event of a pullback, RNDR’s price could find short-term support around the $10.50 level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
