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Render Network, the pioneering blockchain GPU network, is embarking on a new era of innovation by venturing into the domains of artificial intelligence (AI) and machine learning (ML) tasks. With the recent proposal of RNP-004 – Open Compute Clients, Render Network aims to leverage the computational power of its nodes through the network’s API.
The Render Network, the leading blockchain GPU network, is exploring support for AI and machine learning tasks.
— The Render Network (@RenderToken) July 11, 2023
The latest RNP-004 – Open Compute Clients is a proposal by @ANTBIT_OFFICIAL to leverage Render Network nodes for AI / ML workloads via the network’s API..🧵
This exciting development has sparked enthusiasm within the crypto community, resulting in a surge in Render Tokens (RNDR) prices.
Over the past 24 hours, RNDR has witnessed a remarkable bull run, with its price surging from an intra-day low of $1.96 to an impressive intra-day high of $2.04. Currently trading at $2.03, RNDR reflects a 3.39% surge, fostering a bullish sentiment among market participants.
The upcoming challenge for RNDR is overcoming the historical hurdle at the $2.04 resistance level. Known to have impeded the token’s price movement in the past, breaching this level would signify a significant breakthrough and potentially pave the way for further bullish momentum.
RNDR’s market capitalization has experienced a notable increase of 3.42%, reaching a value of $751,484,739. Simultaneously, the 24-hour trading volume has surged by 11.57% to $32,174,592, highlighting investors’ growing interest and active participation in RNDR.
RNDR/USD Technical Analysis
Technical analysis of RNDR’s indicators bolsters the case for the bullish momentum now in play.
The blue line, representing the Moving Average Convergence Divergence (MACD), is in positive territory, reading 0.0244260, suggesting a bullish trend. The histogram develops a succession of rising bars, supporting the optimistic outlook. This indicates that the positive momentum is building, and the price can rise further.
Furthermore, the Chaikin Money Flow (CMF) registers a reading of 0.16, indicating a continued bullish momentum in the RNDR market. This positive development adds weight to the growing optimism among traders and investors.
Additionally, the Rate of Change (ROC) exhibits an upward trend in the RNDR/USD 2-hour price chart, recording a reading of 3.21. This level further supports the bullish sentiment in the market, suggesting that the price of RNDR has been increasing steadily over the past few hours. This positive momentum could attract more buyers and lead to further price appreciation.
The Relative Strength Index (RSI) also contributes to the bullish momentum, boasting a rating of 68.42. This metric underscores the robust market sentiment, providing further confidence to market participants.
With a reading above 50, the RSI indicates that RNDR is in an uptrend and has room for further growth. This positive signal may encourage investors to continue buying, potentially driving the price even higher in the coming days.
In conclusion, Render Network’s venture into AI and ML tasks fuels a surge in RNDR token prices, with bullish momentum driving the market. The technical analysis supports this upward trend, suggesting potential future growth.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.