Render Token (RNDR) is experiencing a decline across all timeframes, reflecting broader market trends.
After a period of bullish activity, recent data from CoinGecko indicates a few percent drop in the market, which has adversely impacted many altcoins, including Render.
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.
Render Token Gains Traction as AI and Crypto Converge
Meanwhile, despite the current downturn, there are notable developments for Render. Jensen Huang, CEO and Co-founder of NVIDIA, recently highlighted the recent updates in the accelerated computing and generative AI during his SIGGRAPH 2024 presentation. Huang emphasized NVIDIA’s strategic decision to enhance computer graphics.
Furthermore, traditional finance is recognizing the intersection of AI and cryptocurrency. Asset management firm Grayscale introduced its first decentralized AI fund earlier this month, which includes Render among other tokens. This move underscores Render’s role in the emerging AI and crypto space, potentially changing its long-term market position despite the current setbacks.
With Render’s providing a valuable resource to anyone who needs computing power, their market position remains secure despite facing substantial downturns this month
Render Token Battles Persistent Bearish Trends – Future Outlook
Render has recorded an all time and all time low in the market with the values reading at $5.78 and $6.22 respectively.
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.
Crypto Foxxy, a crypto analyst explained in her youtube account about the experienced fall of Render where he stated that there is a huge sell off of Render assets due to the fall.
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.
According to Coin Market Cap, Render is currently ranked number 39 with a trading price of $5.90 and a total market cap of $2,315,919,730 signaling a 4.8% decrease.
