Render Network (RNDR) has emerged as one of the standout performers in the cryptocurrency space over the past week, with an impressive 11.25% rally in 7-days. Today, the momentum continues for Render as broader market indicators hint at rising bullish sentiment. In the last 24 hours alone, Render has experienced a notable gain of 1.07%, reaching a trading price of $10.94 as of 09:32 UTC.
Octane X Links To Apple Excites Render Investors
The recent rally of Render can be attributed in part to the spotlight cast upon Octane X during an Apple keynote address. Octane X, which operates on Render Network, was showcased as a solution for Apple users to harness immense rendering power on the M4, augmented by access to decentralized GPU compute power via Render Network. This recognition has propelled Render into the spotlight, driving investor interest and contributing to its upward trajectory.
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#OctaneX was featured in today’s @Apple keynote!
Apple users can augment the massive increase in rendering power on the M4 with access to near unlimited high performance decentralized GPU compute power on @rendernetwork using Octane X. pic.twitter.com/WwfC8mIBB1
— The Render Network (@rendernetwork) May 7, 2024
Big Render News From BCON LA 2024
Looking ahead, Render Network has unveiled several initiatives during the BCON LA 2024 event. This signals a promising path for its future growth. Among these initiatives is RNP-014: Blender Cycles Render Network Integration, presented by Jules, the founder of Render.
This week’s BTN dives into new @rendernetwork initiatives from @JulesUrbach‘s keynote at Blender’s #BCON LA, highlights from @Beeple’s Digital Art Death Match, the feature of #OctaneX in Apple’s recent keynote, and other updates.
Read it now⬇️https://t.co/V3LfeCFO0Q
— The Render Network (@rendernetwork) May 11, 2024
RNP-014, Jules said, aims to integrate Blender’s Cycles GPU tracing engine into Render Network, making high-performance cinematic rendering tools accessible to over 2 million Blender users. The proposal, currently under community vote, seeks to add Blender Cycles as a new render engine on Render Network alongside Redshift and Arnold.
Related: Render Price Jumps 37% Amid Speculation of Apple Partnership
Integrating Blender Cycles To Render Network
To support the integration, Jules noted that RNP-014 outlines two key features. One of them is the Blender OctaneRender Plugin. This proposal entails integrating OTOY’s OctaneRender plugin for Blender on Render Network. The idea behind this is to expand rendering capabilities for the Blender community. The second one is the Render Network Wizard for Blender. This is inspired by the success of RNP-012 for Maxon Cinema 4D. A similar wizard application is proposed for Blender to streamline scene preparation steps and reduce errors when scaling rendering work to Render Network nodes.
Render’s Future In AI
Furthermore, Jules touched on the future of immersive media technology and AI during his BCON keynote. He showcased advancements in neural rendering, demonstrating AI’s ability to convert photos into detailed 3D models and scenes. Additionally, he outlined Render Network’s collaboration with IDEA (Immersive Digital Experiences Alliance) to establish open standards for holographic and AI media.
The collaboration between Render Network, OTOY, Endeavor, and Stability AI underscores the industry’s recognition of Render’s significance in the AI landscape. Initiatives focusing on data integrity and artist recognition highlight the commitment to ethical AI development and support for creative contributions.
Good Tidings Ahead
Render Network’s recent successes and forward-looking initiatives position it as a critical player in the rapidly evolving AI landscape. As the broader market exhibits signs of a potential rebound, Render’s continued bullish momentum reflects investor confidence in its innovative approach and strategic partnerships.
Render Trading At Key Resistance As Broader Market Rebounds
Render is on a rebound after a correction earlier in the day. This is driven by increased bullish momentum across the market. However, Render is now trading at the critical $11.091 resistance. If bulls push Render through this resistance, prices between $11.57 and $12 could be hit within the day.
However, this will likely be determined by trading volumes. If Render buying volumes drop and bulls cannot push through the $11.091 resistance, consolidation could follow. Render could trade between the$11.091 resistance and $10.824 for the rest of the day.
If bears retake control across the market, the critical level to watch for Render would be the $10.824 support. If this support is broken, prices below $10 could be hit within the day.
Can Render Head Higher Today?
While there is always a case where the Render token could turn bearish today, the odds are higher that bears could take control in the day. That’s because the broader market is increasingly bullish after Bitcoin bounced off critical support with high volumes.
Render also has big news that is likely to fuel bullish sentiment. For starters, Render is now linked to Apple, which is a big deal regarding adoption. Render Network is also making technical advancements that could further boost adoption. A combination of broader market momentum and strong adoption means Render could be headed higher daily and throughout the week.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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