Render (RNDR) price rose sharply on Thursday as the altcoin reacted higher to Nvidia earnings that outperformed expectations. Hype around artificial intelligence (AI) has reached a new high following the chip maker’s guidance, and RNDR price looks poised for a retest of the key supply zone near $1.58.
Bulls are targeting the key price level of $1.58, which could allow for a short-term breakout to $2.00. The total market cap of the AI sub-sector was up 3.6% to over $2.48 billion, with Render, SingularityNET and Fetch.ai leading the top gainers with over 8% upside for each.
The potential of Render’s AI-powered blockchain technology is significant, as the project targets the largely untapped GPU rendering market. Major companies and crypto platforms such as Cinema 4D, Nvidia, Solana, Mattel, and Metaplex are already working with the project, and the AI narrative could drive further interest and adoption.
Looking at the RNDR/USD price on the 4-hour chart, bulls have work to do if they are to push higher. The price is below the key technical area of $1.58, the range from which prices dropped more than 8% on August 17. Although short-term momentum looks to favor buyers as suggested by the 4-hour MACD and RSI, 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 (where the 20-day simple moving average is slightly upturned).
