Render (RNDR) price rose sharply on Thursday as the altcoin reacted higher on Nvidia earnings that crushed expectations. Nvidia reported a net income of $6.7 billion for the quarter ending July 30, which was 422% up on the same period a year ago. This caused a surge in AI stocks, with Render, SingularityNET and Fetch.ai leading the top gainers with over 8% upside for each.Render’s blockchain technology targets the largely untapped GPU rendering market, and is being used by companies and crypto platforms such as Cinema 4D, Nvidia, Solana, Mattel, and Metaplex. The price of Render’s native token jumped more than 10% in intraday trading to hit highs of $1.54, coming close to a weekly ceiling around $1.58. The market cap was up 11% to over $564 million while 24-hour trading volume spiked 168% to over $44.6 million.Bulls are targeting the key price level of $1.58, which could allow for a short-term breakout to $2.00. However, the price needs to break above the highlighted hurdle to strengthen the bullish outlook. If price flips lower, immediate support is around $1.45 and then $1.40. Render is benefiting from the AI narrative that has been strengthened by Nvidia’s earnings. The company’s bet on AI has provided a sector-wide boost, and Render is looking to capitalize on this with its GPU rendering technology.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
positive |
| Relevance Score |
8 |
| People |
None |
| Companies |
Nvidia, CoinGecko, Cinema 4D, Solana, Mattel, Metaplex |
| Currencies |
Bitcoin, Ethereum, Render, Fetch.ai, SingularityNET |
| Securities |
None |
