Render Network posted remarkable results last month after finalizing the rebranding of its token. Its bullish rally was halted in August due to market pullbacks, which caused the cryptocurrency to drop below $4.

However, its latest performance has pushed the stock up more than 33% in the past week. Some analysts believe there is a catalyst that could push the stock toward a massive rally in the coming days.

RENDER skyrocketed by 30% in 7 days

Following the rebrand, the AI ​​RENDER token saw a massive 140% enhance in daily trading volume, with its price rising almost 20% towards the $7 resistance level, which some investors and analysts have deemed as a “great buying opportunity.”

Nevertheless, the declines in the cryptocurrency market hampered the token’s performance, causing it to drop by over 27% at the beginning of the month. In the following weeks, RENDER moved sideways in a price range of $4.3–$5, but began to gain momentum in the last seven days.

The cryptocurrency has seen remarkable price action, rising by 33% in the past week. RENDER’s pump has pushed its price above the $5 range, leading to a retest and breakout of the falling upper trendline of its multi-month downtrend.

The bullish momentum continued as the token retested and successfully reclaimed the $6 resistance level. As a result, the token’s price surged 50% over the weekend, trading in a $6–$6.50 price range since the spike.

Despite this, the token has seen a slight decline of 2.8% over the past 24 hours, currently trading at $5.95, which is apparently due to the recent market correction.

NVIDIA Report: Catalyst for a Massive Rally?

Several market observers have predicted that the token could experience a massive surge in the coming days. RENDER pumped, like most of the AI ​​token sector, ahead of NVIDIA’s second-quarter earnings report, some analysts noted.

In the past week, cryptocurrencies such as FET, AGIX, and OCEAN have seen increases of 46.2%, 53.9%, and 46.3%, respectively. Crypto Rand Trader and Investor persuaded investors to “keep a close eye on $NVDA’s results” as they could be the “catalyst” for a massive rally. He also suggested that RENDER is “consolidating nicely after the breakout.”

Similarly, Kyren, host of the NoBSCrypto podcast, is considering that investors should be hopeful about the upcoming report. NVIDIA’s Q2 earnings report is scheduled for Wednesday, August 28, and could be a “GREAT catalyst” for Render to break above the $6.50 level.

Kyren highlighted that the token was in a multi-month downward wedge pattern, losing over 55% of its all-time high (ATH). According to the post, RENDER could benefit from its “close ties to NVIDIA,” which could likely show “some more correlation, just like before.”

The positive impact of the report could propel the cryptocurrency towards its $10 target before hitting recent highs. However, other market observers believe that play to the $5.2 range may occur before an enhance.

Featured image from Unsplash.com, chart from TradingView.com