Akash Network, Render Token forecasts ahead of Nvidia earnings

May 22, 2024 12:04 PM AEST | By Invezz

Akash Network, Render Token forecasts ahead of Nvidia earnings — Image source: Invezz

Nvidia earnings ahead

Render Token, on the other hand, rose to $11, up by over 74% from its lowest level in April and by 2,600% from last year’s low. The two tokens have a market cap of over $1.3 billion and over $4.2 billion, respectively.

These tokens have been in the spotlight this year because of their role in the fast-growing artificial intelligence (AI) industry. That’s because the two networks provide decentralised processing power to developers from around the world.

Akash Network lets users access advanced Nvidia H100, A100, and A6000 at competitive prices. Users can also provide their free space and earn money in the form of the AKT tokens. According to its website, users have spent over $511k in the network since its inception.

Render Network provides distributed GPU rendering solutions on the blockchain. As a result, users can access world-class resources, making GPU rendering significantly easier, cheaper, and more efficient.

Therefore, the AKT and RNDR tokens will be in the spotlight as investors focus on Nvidia’s earnings, which will shed more light on GPU demand. Analysts expect the company’s revenue to jump by over 200% to over $24 billion. Nvidia has a track record of beating analysts’ estimates.

Strong Nvidia’s earnings will likely lead to more gains in related stocks and cryptocurrencies and vice versa.

Meanwhile, Render Token and Akash Network are reacting to the rising expectation that the SEC will approve Ethereum ETFs and that the Federal Reserve will start cutting interest rates later this year as US inflation retreats.

Render Token price forecast

The daily chart shows that the RNDR token price bottomed at $6.3390 on April 13th. It has now bounced back and moved to $11.12, its highest swing since March 28th. Most recently, it flipped the crucial resistance level at $9.70 into a support.

Render has constantly remained above the 50-day and 100-day moving averages, meaning that bulls are in control. However, it has found a strong resistance level at $11.58, its highest swing on May 10th.

The Relative Strength Index (RSI) and the MACD indicators have all drifted upwards. Therefore, the outlook for the token is bullish as long as buyers push it above the resistance at $11.58. If this happens, it will jump to the year-to-date high of $13.57, which is about 22% above the current level.

Akash Network price analysis

The chart above shows that the AKT token has made a strong comeback after bottoming at $3 in April. It has formed an ascending channel that is shown in black. It has also remained above the 50-day and 100-day moving averages.

Like the Render Token, Akash’s RSI and MACD indicators have pointed upwards, meaning that it has some momentum. Therefore, more upside will be confirmed if the price flips the crucial resistance level at $6.05.

The post Akash Network, Render Token forecasts ahead of Nvidia earnings appeared first on Invezz

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