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The Render Governance Token has performed poorly in the past few days as bears have taken control of the market.
According to CoinGecko, RNDR is down 7% in the last 24 hours, indicating that the overall downturn in the market has affected its upward momentum. However, external events may contribute to the formation of a bullish scenario.
In the case of Render, its entry into the AI market earlier this year will inevitably help the token reverse the bearish sentiment surrounding the crypto market.
— Render Network | RNDR (@RenderToken) April 17, 2023
Big tech companies are investing in blockchain and artificial intelligence – here’s what we know
A new wave of AI announcements from large companies could help revive the prices of AI-powered cryptocurrency assets such as Render, SingularityNET, and Fetch.ai.
Tech giant Microsoft recently experienced a bout of bullishness months after announcing its $10 billion investment in OpenAI, maker of ChatGPT, the popular artificial intelligence tool.
It was part of Microsoft’s expansion into the AI industry when the company released an AI chatbot for Bing, its own search engine.
Microsoft is also planning to enter the cryptocurrency industry along with the big players in finance. Bitcoinist reported yesterday that Goldman Sachs, Microsoft and Deloitte are teaming up for a major blockchain partnership. More than 30 other companies will take part in this project, which is scheduled to launch later this year.
Recent announcements from major US corporations including Meta, Humane, IBM, and Wendy’s have also bolstered the AI token narrative.
If these innovative efforts prove successful, the realm of AI in rendering will be poised to undergo a profound transformation, whereby the advent of AI-generated media, with its strikingly realistic and immersive characteristics, will no doubt become more prevalent over time.
While the impact of large corporations investing in blockchain and artificial intelligence technologies can be observed, the financial market is currently facing challenges.
The US economy is approaching a potential default on its loans, which leads some investors to expect weakening market sentiment due to the upcoming data on the consumer price index.
The total market capitalization of cryptocurrencies remained virtually unchanged at $1.12 trillion. Chart: TradingView.com
At the time of writing, the bears have temporarily broken through the $1.76 support level. However, the bulls are picking up some slack, but short buyers still dominate the market by a small margin.
However, investors and traders may find confidence in the fundamentals of the Render Network, which is poised to form a bullish outlook.
With its AI discovery and utility in media creation, RNDR could have a significant advantage in the long run. However, on a larger scale, if the CPI data is in negative territory, the token could face additional market challenges.
– Featured image by Invezz