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The Render price has pumped 40% in the past week to trade at $6.19 as of 9 a.m. EST on a 12% surge in trading volume to $256 million.
RNDR is often called the Nvidia of the crypto industry because of its focus on GPUs (Graphics Processing Units), and it’s among a bevvy of projects to benefit from excitement around the launch by Sam Altman’s OpenAI of Sora, a new AI tool that translates text into video.
GPUs are semiconductor devices essential for driving artificial intelligence (AI) solutions and Render aims to be a major player in the industry by offering distributed GPUs on the blockchain.
Bro, you have to research Render Token (#RNDR)! Its decentralized GPU for AI, Rendering the metaverse, gaming, VR/AI +++ a burn mechanism! – the "NVIDIA" of Crypto!
— Marc Weichenthal (@MarcWeichenthal) February 17, 2024
Render Price Breaks Above The Bullish Pennant
RNDRUSDT Analysis by Tradingview
The bulls have been resilient in driving the price upwards in a bullish momentum, basing their motion on the $1.808 support zone.
The rejection at $5.22 led to the formation of the bullish pennant pattern, which signals a continuation of the bullish trend, confirming the bull rally ahead. However, the bulls have shown resilience, taking charge of the price at $2.19 support and flying the Render price past the pennant.
The price trades above the 50-day and 200-day Simple Moving Average (SMA). Furthermore, the moving average cross at $1.93 affirms the bullish outlook.
The relative strength index (RSI) is trending upwards at 79, above the overbought region of 70, indicating intense buying pressure.
The MACD has the blue Moving average line crossing the orange signal line on the upside above the midline level. Further, affirming the bullish trajectory, the histogram bars are positive, trading above the neutral level.
Render Price Could Reach A New High At $7.22
With the Render price breaking above the bullish pennant, bulls could be looking to achieve a new high at $7.22
In a converse scenario, if the bears intervene, they could send the price downward, finding support at $5.32 coinciding with the upper boundary of the pennant.
While the Render price continues its surge, many investors are eyeing Sponge V2 for a repeat of the 100x gains it produced last year.
Sponge V2: A Promising Opportunity For 100X Returns
Sponge V2 has recently emerged on the crypto scene, following the path laid by its predecessor, Sponge V1. If you missed its 100X returns last year, you still have an opportunity for the same again with Sponge V2.
Following a malicious attack on its liquidity pool, the project transitioned onto the Polygon chain earlier this month, when Sponge V1 was discontinued.
Exciting news, #SPONGERS! 🌟🧽🧽#SpongeV2 is now live! Visit our website to buy and stake $SPONGE V2.
Check it out below! 👇https://t.co/nFOSl1ZCD9#MemeCoin #Web3 #Crypto #Altcoins #CryptoStaking pic.twitter.com/T4DCAKhcxF
— $SPONGE (@spongeoneth) February 6, 2024
An Attractive Staking Opportunity, And A New Racing Game
By staking SPONGE V2, investors earn an impressive annual percentage yield (APY) of up to 1,003% on Polygon. More than 8.4 billion tokens have already been staked.
The team is also launching a new Play-to-Earn (P2E) racing game soon. It will feature both free and paid versions where players participate in races for the opportunity to earn token rewards.
Crypto analyst Jacob Bury cites these features, and the likelihood of new listings on major exchanges coming soon, as key reasons behind why he believes Sponge V2 has the potential to 100X on launch.
To buy SpongeV2, visit the official SpongeV2 website and connect your digital wallet to swap ETH or USDT for V2 tokens. You can also buy using your bank card.
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