Is It Too Late to Buy Render? RNDR Price Rallies 3% as NVIDIA Stock Shoots Up and Launchpad Raises $1.4 Million
Render (RNDR) has once again shot-up, following a strong quarterly performance by leading GPU-manufacturer Nvidia - but with RNDR on the move, is it too late to buy Render?
Nvidia stocks surged an impressive +3% in a market reaction to smashed expectations around the Nvidia Quarterly Report.
Over the last 3-months, Nvidia's earnings have exceeded expectations - thanks in part due to the explosive growth of investor interest around company's set to profit-big from the AI boom.
According to FactSet, Nvidia’s $13.5 billion in sales and $2.45 earnings per share last quarter smashed consensus analyst estimates of $11.2 billion and $2.08.
With investors increasingly bullish on GPU-related companies, Render has shot-up amid the hype, as the first crypto project to build-out a decentralized economy focused on spare GPU rentals.
Amid the market excitement around GPUs, Render remains trading low in the channel, at a current market price of $1.45 (a 24-hour change of -0.82%).
This minor retracement comes after RNDR bounced off lower trendline support at $1.25, creating a double-bottomed pattern that could poise RNDR to resume rallying.
Yesterday's +8% pump fell short at resistance from the 20DMA - in an anticipated move following 42 days of unsurmountable resistance from the moving average.
Yet, with price attempting to push up, all eyes remain on the 200DMA - which is beginning to flip from ascendant form to descendant posture.
Indeed, price action has been tumultuous since the emergence of a dreaded death-cross pattern on August 7.
But while resistance from moving averages continues to dominate RNDR price action, Render's indicators provide reasons to be cheerful about the short-time frame.
The RSI remains cooled-off at 35.7, a strong
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