The crypto market is still buzzing with excitement as many popular tokens keep gaining value, making investors happy. It’s not just regular coins either; AI tokens are also on a winning streak lately. This article is all about the Render price prediction. Will the RNDR price reach $20? Let’s take a look at it.
In just the last 48 hours, it surged by more than 40%, reaching an all-time high. And that’s not all – it’s been on an upward trend for the past month, increasing by a whopping 118%. Looking at the bigger picture, it’s seen an impressive growth of 108% since the start of the year.
Today, Render Token is priced at $9.71, and it’s been quite active with a trading volume of $1.26 billion in the past day. Its market cap is now at $3.59 billion, making it quite a significant player with a market share of 0.14%. Over the last 24 hours, though, its price dipped slightly by -0.28%.
The highest point for Render Token was on Mar 7, 2024, when it reached its all-time peak of $10.70. But it hasn’t always been smooth sailing; its lowest price ever was way back on Sep 22, 2020, hitting a low of $0.000115. Since reaching its all-time high, the lowest it’s gone down to was $9.54 (cycle low), while its highest was $9.87 (cycle high). Sentiment among investors is optimistic, with the Fear & Greed Index currently sitting at 81 (Extreme Greed).
In terms of availability, there are currently 369.61 million RNDR tokens out there, out of a maximum supply of 536.87 million RNDR. Over the past year, there’s been an inflation rate of 45.63%, resulting in the creation of 115.82 million RNDR tokens.
Render Price Price Prediction: Will RNDR price crash?
If the market manages to push the price past the tough barrier of $10.2, we can expect the bulls to gain even more strength, aiming to push it further towards the next hurdle at $11.3. And if they manage to hold the line there, it could pave the way for the RNDR token to make a run for its highest point yet, hitting $12 by the weekend.
On the flip side, if the trend suddenly shifts, the bullish momentum could wane, leading to a drop in price to test the support level around $9.117. If the bears continue to dominate, things could get worse, with the price dropping even further to test the lower support level at $8.
Render Price Price Prediction: Will Nvidia Push RNDR Token Price to $20?
Analyzing the recent performance of the RNDR token provides valuable insights into its potential trajectory, particularly concerning the possibility of reaching $20.
Firstly, the RNDR token has demonstrated remarkable growth over the past year, surging by an impressive 792%. This exponential increase signifies strong investor interest and confidence in the project, highlighting its potential for further appreciation.
Furthermore, RNDR has significantly outpaced the majority of the top 100 cryptocurrencies over the same period, surpassing 92% of them. This indicates that RNDR has been a standout performer in the highly competitive crypto market, attracting attention and investment.
Notably, RNDR has also outperformed leading cryptocurrencies like Bitcoin and Ethereum, suggesting that it possesses unique qualities and strengths that set it apart from more established assets. This comparative advantage could continue to drive demand for RNDR and contribute to its upward price momentum.
Additionally, RNDR is currently trading above its 200-day simple moving average, indicating a positive trend in its price movement. This technical indicator suggests that the token’s bullish momentum may persist in the near term, potentially propelling it towards higher price levels.
Moreover, RNDR has experienced 19 green days out of the last 30 days, accounting for 63% of the trading period. This consistent pattern of positive price movements further reinforces the bullish sentiment surrounding RNDR and suggests that investor confidence remains high.
Lastly, RNDR boasts high liquidity based on its market capitalization, indicating that there is a significant amount of capital available for trading. This liquidity can facilitate smoother price movements and increase the likelihood of achieving higher price targets.
Considering these factors collectively, while it’s difficult to predict with certainty, the strong performance metrics and positive market indicators suggest that the RNDR token has the potential to continue its upward trajectory.
While reaching $20 may not happen overnight, given its current momentum and market conditions, it’s certainly within the realm of possibility in the foreseeable future like the upcoming halving event.
Investors are keeping a close eye on Render (RNDR-USD) price forecasts this Thursday, especially with a growing interest in cryptocurrencies linked to artificial intelligence (AI) leading up to Nvidia’s (NASDAQ: NVDA) conference.
[1/4] This week’s BTN previews #GTC24, the largest AI and GPU technology event of the year.
Read more to learn about breakthroughs in AI and GPU technology that are coming to GTC as well as the details of @julesurbach’s talk featuring @rendernetwork!https://t.co/J8lSTKT1Pd
Nvidia is gearing up for an AI conference scheduled from March 17 to March 21. Some traders in the crypto space speculate that the company might delve into crypto-related discussions during this event. If this speculation pans out, it could serve as a positive catalyst for tokens associated with AI.
The relationship between Nvidia and cryptocurrencies isn’t new, but it’s becoming more significant with the company’s increasing focus on AI. With crypto miners already utilizing NVDA GPUs for token mining, there’s growing curiosity about what lies ahead for those invested in AI.
How Nvidia Could Push RNDR Token Price?
Last August, Nvidia’s CEO, Jensen Huang, mentioned that the company had to sell gaming GPUs at lower prices because they had produced too many of them. However, things started looking up by February when Nvidia released its latest report. Huang was in the spotlight, emphasizing the potential for the company’s data center expansion, and the report showed record-high revenue from data centers.
GPUs are those nifty chips that companies like OpenAI use to power advanced AI applications like ChatGPT.
In 2023, the Nvidia Computex 2023 keynote was buzzing with exciting AI announcements. They showcased games supporting natural language for input and responses using their Avatar Cloud Engine (ACE for Games). Also, they introduced a new supercomputer, the DGX GH200, featuring their latest Grace Hopper Superchip, capable of handling AI tasks at a staggering rate of one exaflop.
Since the start of the COVID-19 pandemic, there’s been a persistent shortage of GPUs. As the demand for AI technology surged, the scarcity of GPUs worsened.
In response, investors and businesses started exploring alternatives to the current system, such as “Decentralized Rendering Technology.”
Timothy Arcuri, a hotshot analyst at UBS Investment Bank, spills the beans that training ChatGPT3 chewed through more than 10,000 Nvidia GPUs. And guess what? He’s hinting that we might need even more fancy semiconductor tech for future Chatbots.
As the demand for AI tech goes through the roof, investors are on the hunt for alternative assets to fill the gap left by the GPU shortage. Prices are skyrocketing, and everyone’s scrambling to find a solution.
We are on the cusp of a global GPU shortage. ChatGPT alone needs upwards of 10,000 GPUs for continuous training. By Q3 of this year, it will be a full blown arms race between the top 100 corporations.
Nothing else in crypto is as well positioned to go parabolic than $RNDR.
And hey, check out Investor Ericzoo.eth – seems like they’re feeling pretty upbeat about the Render Network project. Looks like it’s catching some positive vibes!
Render Price Prediction: How Does RNDR Benefit Nvidia?
The Render Network is all about shaking things up in AI computing, making it more accessible and affordable, and giving the semiconductor industry, where Nvidia reigns supreme, a bit of breathing room.
Their approach combines blockchain and cloud-based tech to handle tough AI tasks, relying less on those pricey hardware GPUs and getting the most out of what’s already there. Plus, it’s designed to get people involved, which is pretty cool.
They’ve got this neat trick where rendering tasks get divvied up among a bunch of GPUs, with regular folks who lend their GPUs called node operators.
RNDR tokens let lone producers earn some tokens when their GPUs aren’t busy. These tokens can then be used to pay for all sorts of rendering services, creating a little economy where RNDR is the go-to currency.
And get this – RNDR can even be used for trading with Nvidia. So, it’s not just a one-trick pony. It’s all about making things easier, cheaper, and more efficient in the world of AI.
Where to BUY RNDR?
Bitget stands out as a reliable crypto exchange. It provides a user-friendly interface, making it easy for both beginners and experienced traders to navigate and make transactions at the lowest fees on the market. To get started with Bitget, you need to create an account, complete the necessary KYC procedures, and then you can begin trading a variety of altcoins available on the platform.