Render investors and traders continue their sell-off, following the broader market’s bearish attitude. After weeks of continuous bullish action, CoinGecko data shows that the market is down a few percent, translating to losses in the altcoin market.
Although the environment brought gains to a number of tokens, it dragged several tokens, like Render, to the ground. The latest market data shows that the latter is down in almost all timeframes, with the biggest loss in the monthly timeframe at nearly 25%. This presents a big question to investors and traders whether Render will continue its downward spiral.
Big Things Coming For Render
Jensen Huang, CEO and Co-founder of NVIDIA, recently spoke at SIGGRAPH 2024 about the effects of accelerated computing and generative AI on different industries. He also briefly mentioned the company’s jump in computer graphics saying that “it was the best decision” the company made.
Almost like NVIDIA, Render’s framework as a provider of decentralized graphics and computing resources places the platform in a unique position in the world of AI. When asked about the AI revolution which started in 2022, Huang said:
“[And] this is really the revolutionary time that we’re in. Just about every industry is going to be affected by this just based on some of the examples I’ve already given you.”
This just shows how the broader industry is pivoting towards supporting the development of AI, thus providing a bullish signal for investors on Render as the latter’s nature as a provider of computing resources makes them valuable for the AI space.
Key moment from today’s #SIGGRAPH2024 fireside with Jensen Huang and Lauren Goode:
Q. Where do you draw the line between AI is augmenting and helping [artists] and this is replacing certain things that we do?https://t.co/muYWEq586d
A. “These tools help us be more productive.…
— The Render Network (@rendernetwork) July 30, 2024
And traditional finance institutions recognize this potential at the crossroads of AI and crypto. Asset management firm Grayscale launched its first decentralized AI fund in the early half of this month, featuring the likes of RENDER, TAO, FIL, LPT, and NEAR.
With Render’s providing a valuable resource to anyone who needs computing power, their market position remains secure despite facing substantial downturns this month.
More Bearish Pressure In The Offing?
As it currently stands, the token’s position is quite shaky as it might push the token to lower lows following the general trend it has had since May.
If the downward trend continues, the bears might push the crypto to January 2024 levels, wiping out the token’s year-to-date gains. Thus bulls should consolidate and gain control of the $6 support before any attempt upward.
But the token’s volatility might work in the bull’s favor. The current market environment is still mostly bullish, mostly by the fact that the major cryptocurrencies are in a rally, pulling the market upward.
This greedy mood counters the bearishness of the current market correction, putting more emphasis on long-term gains rather short or medium-term increases. Investors and traders should then monitor the market for long-term opportunities that will support the movement of the altcoin.
Featured image from Pexels, chart from TradingView
Read More from Christian Encila on www.newsbtc.com