Render investors and traders proceed their sell-off, following the broader market’s bearish attitude. After weeks of continuous bullish motion, CoinGecko data shows that the market is down just a few percent, translating to losses within the altcoin market.

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Although the environment brought gains to a lot of tokens, it dragged several tokens, like Render, to the bottom. The most recent market data shows that the latter is down in just about all timeframes, with the largest loss within the monthly timeframe at nearly 25%. This presents a giant query to investors and traders whether Render will proceed its downward spiral.

Source: Coingecko

Big Things Coming For Render

Jensen Huang, CEO and Co-founder of NVIDIA, recently spoke at SIGGRAPH 2024 concerning the effects of accelerated computing and generative AI on different industries. He also briefly mentioned the corporate’s jump in computer graphics saying that “it was the perfect decision” the corporate made.

Almost like NVIDIA, Render’s framework as a provider of decentralized graphics and computing resources places the platform in a singular position on the planet of AI. When asked concerning the AI revolution which began in 2022, Huang said:

“[And] this is basically the revolutionary time that we’re in. Nearly every industry goes to be affected by this just based on a few of the examples I’ve already given you.”

This just shows how the broader industry is pivoting towards supporting the event of AI, thus providing a bullish signal for investors on Render because the latter’s nature as a provider of computing resources makes them invaluable for the AI space.

Key moment from today’s #SIGGRAPH2024 fireside with Jensen Huang and Lauren Goode:

Q. Where do you draw the road between AI is augmenting and helping [artists] and that 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 on the crossroads of AI and crypto. Asset management firm Grayscale launched its first decentralized AI fund within the early half of this month, featuring the likes of RENDER, TAO, FIL, LPT, and NEAR.

With Render’s providing a invaluable resource to anyone who needs computing power, their market position stays secure despite facing substantial downturns this month.

Render is currently trading at $5.8. Chart: TradingView

More Bearish Pressure In The Offing?

Because it currently stands, the token’s position is kind of shaky as it’d push the token to lower lows following the overall 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.

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However the token’s volatility might work within the bull’s favor. The present market environment continues to be mostly bullish, mostly by the incontrovertible fact that the most important cryptocurrencies are in a rally, pulling the market upward.

This greedy mood counters the bearishness of the present market correction, putting more emphasis on long-term gains reasonably short or medium-term increases. Investors and traders should then monitor the marketplace for long-term opportunities that can support the movement of the altcoin.

Featured image from Pexels, chart from TradingView