Nvidia (NVDA), Advanced Micro Devices (AMD), and Intel (INTC) are not the only AI plays for retail traders and investors. The cryptocurrency market is packed with high-market-cap, AI-focused entities. In fact, one of the fastest-growing, biggest, and most sought-after is Render (RNDR-USD).
Purpose and Utility: Democratizing 3D Rendering
The RNDR cryptocurrency was crafted with the ambitious goal of democratizing the rendering process of 3D graphics. It addresses the significant computational demand and resource intensity inherent in rendering, which traditionally requires access to costly, high-performance hardware.
Through a distributed GPU rendering network, RNDR enables users to rent out unused GPU power in exchange for RNDR tokens, making high-quality rendering more accessible to a broader range of content creators and providing a novel monetization avenue for GPU owners.
Render is built on the Ethereum (ETH-USD) blockchain, employing the ERC-20 standard. This choice leverages Ethereum’s security, interoperability, and extensive adoption of its framework. Building on Ethereum’s blockchain helps Render integrate into the ecosystem of decentralized applications (dapps), enhancing its utility for transactions, governance, and as an incentive within the network.
Render Outperforming Crypto and Stocks
Renders 2024’s performance so far is staggering. RNDR is up 151.54% YTD, a mind-blowing 633% over the past six months, and almost 50% in the last month.
Recent technical analysis from TipRanks on Render presents a mixed signal for potential investors and traders. The Moving Averages Convergence Divergence (MACD) indicator stands at 1.46, hinting at a Sell signal, but the Exponential Moving Averages (EMA) show a more optimistic picture.
The 20-day EMA is at 8.96, significantly below Render’s current share price of $11.09, indicating a “Buy” signal. Similarly, the 50-day EMA at 7.08 results in a Buy stance. While the mixed technical signals suggest monitoring market trends, the overarching narrative remains one of potential and growth.
