Render continues its upward rally with a frosty 11% gain, as noted by CoinGecko. Even though the market is down slightly, most of it is still flashing green major cryptocurrencies achieving their goals. However, recent changes to the Render Network have made this upward trajectory possible.
Web enthusiasts continue to see growth after the platform released its Cinema 4D Wizard tool, which sees huge potential in the media industry. This novel tool helps artists achieve the best results while reducing work hours and streamlining workflows.
Fresh Creator tool streamlines artist workflow
To give back released Cinema 4D Wizard last week, August 20, helping 3D artists reduce work time and streamline their workflows. This plug-in works in Cinema 4D, one of the most widely used 3D rendering software.
According to Render knowledge basethe tool has several features when launched, the most notable of which is the scene checker, which analyzes several factors that can affect the final result. This helps artists immaculate up their renders, making sure every element is in tip-top shape.
— Render Network (@rendernetwork) August 20, 2024
NVIDIA’s Profits Could Boost RENDER
Since the Render Network is focused on decentralized computing, GPUs are the backbone of the platform niche in the decentralized physical infrastructure (DePIN) industry. Nvidia’s upcoming earnings announcement will influence RENDER price movement in the coming weeks.
August 28 will be a date that investors and traders should monitor. Any positive or negative news will affect the token’s performance when D-day arrives. However, the company’s expected next-generation AI chips could give RENDER a boost in the long run.
RENDER exhausted after a week of growth
At the time of writing, the token has been rejected from the $6.3 resistance level as a red candle formed on today’s trading activity. This indicates a miniature decline in the coming days, purely due to RENDER bulls losing momentum in the compact term.
The high relative strength of the token indicates a sturdy fight between bulls and bears, with the latter currently winning in the compact term. RENDER’s correction period may begin, but it won’t last that long. Investors and traders are still waiting for Nvidia’s earnings call, which could turn the correction into another bullish week.
For now, bulls should focus on consolidating their position and stabilizing the token’s movement in the $5.8-$6.3 price range, as this will be their strongest platform for any upward movement. Any attempt to regain lost ground in the compact term will not be enough and may give bears an opportunity to tip the miniature momentum that RENDER has by breaking through $5.8-$5.3 in the compact term.
Featured image from Medium, chart from TradingView
