Render Network and RNDR price are the focus today,
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. If Nvidia’s Q2 earnings reports exceed expectations, crypto AI tokens will likely fly.
Crypto prices have been wavy and in red this week, even after the encouraging explosion of August 23.
Most analysts expected bulls to build on this base and overcome immediate local resistance.
For Ethereum, this level stood at $2,800.
The failure of ETH to breach this line also meant most of its tokens, including RNDR, the native currency of Render Network, also fell in tandem.
RNDR Price Remains Steady: Up +50% In 3 Weeks
Though RNDR is still down, retracing from August highs, Coingecko data shows that bulls are still in the equation.
To put in the numbers, RNDR is up nearly 50% from August lows.
(RNDRUSDT)
Interestingly, the token is within a bullish breakout formation. As buyers push prices to new highs, there could be several key drivers for this warming leg up.
First, the Render Network currently plays a critical role in promoting AI solutions. As a preferred rendering solution powered by decentralized nodes, RNDR is rising on increasing demand for the platform’s services.
The early endorsement by Apple for OctaneX also lends credibility to Render, explaining the rising engagement, user base, and, thus, liquidity.
#OctaneX was featured in today’s @Apple keynote!
Apple users can augment the massive increase in rendering power on the M4 with access to near unlimited high performance decentralized GPU compute power on @rendernetwork using Octane X. pic.twitter.com/WwfC8mIBB1
— The Render Network (@rendernetwork) May 7, 2024
As AI finds adoption and tech leaders pour in billions to improve, crypto AI tokens like RNDR and ASI stand to reap massive benefits.
The platform recently released the Render Network Cinema 4D Wizard for artists to prepare for this future.
According to the decentralized AI solution, this tool “provides a scene checker that analyzes your scene and prompts any fixed before uploading from Octane to Render.”
The Cinema 4D Wizard will save time, meaning artists will spend more time on designing than rendering.
The tool will help drive demand for the Render Network and, thus, RNDR.
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Will Nvidia Q2 2024 Earnings Report Exceed Expectations
However, traders are looking at today’s Nvidia Q2 2024 earnings report in the short term.
If history rhymes and NVDA earnings spikes, crypto AI tokens like RNDR will rally like they did in Q1 2024.
The chipset manufacturer and a key influencer in the AI landscape is expected to report impressive earnings for the last quarter.
This bullish outlook is despite rumors of possible delays for Blackwell chips.
Analysts expect a 139% jump in earnings-per-share (EPS) and a further 113% increase in revenue year-to-date.
This strong Q2 2024 earnings expectation, if it comes in as predicted or exceeds analysts’ expectations, could fuel another rally for NVDA.
The rising tide would also fuel another wave of demand for AI tokens, lifting RNDR to fresh levels.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
