Clore.ai token rises as Nvidia, Palantir stocks surge

Clore AI, a fast-growing, AI-focused cryptocurrency, has continued to rally as demand for AI assets increases.

Clore.ai (CLORE) token rose for two consecutive days, reaching $0.1143, its highest point since September 26. It’s up 140% from its lowest point this year, but remains down 76% from the same period last year. -date high.

Clore.ai is a blockchain project that provides distributed Graphics Processing Units for use in industries such as AI training, cryptocurrency mining, and movie creation. It competes with other major companies such as Akash Network (AKT) and Render (RNDR).

Demand for GPUs has outpaced supply over the past few years, and predictions suggest that major tech companies will spend more than $1 trillion by 2028.

In response, Clore created a platform where users can rent GPUs and pay as little as 86 cents per day.

There are signs that demand for the solution continues to grow, with the number of rentals rising to over 400,000. This trend may continue as the use of GPU rental grows.

🚀 400,000+ Successful Rentals! 🎉

We are excited to announce that the Clore platform has officially surpassed 400,000 successful rentals! 💪

This is a huge testament to the real-world value and impact of our platform. Each lease represents a step forward towards building a… pic.twitter.com/CIeLFrC7ZL

— clore.ai (@clore_ai) October 9, 2024

According to the statistics page, the number of online machines rose to 3,888 from last month’s low of 3,166.

Clore’s price also rose due to the ongoing Nvidia stock rally. Nvidia’s shares, which fell to $90 in August, rose again to $135. It has risen for three consecutive days and is approaching its all-time high of $140.

Another AI stock, Palantir, has also surged for five consecutive weeks, pushing its market cap to over $100 billion. Other AI tokens such as Bittensor, Artificial Superintelligence Alliance, and Arkham also rebounded.

The next few weeks will be critical for AI companies as they release their third-quarter financial results. AMD, a major competitor to Nvidia, will announce its earnings on October 29, while Palantir will report its results on November 1.

Clore.ai price faces key resistance on Clore.ai chart by TradingView

The CLORE token formed a double-bottom formation at $0.04412 in August and September, indicating that it is quite bullish.

It recently formed a small doji candlestick pattern on October 9th. Doji occurs when an asset opens and closes at the same level and is considered a bullish sign. The price broke above the 50-day moving average.

Therefore, further uptrends will be confirmed if the price breaks above the key resistance level at $0.1193, the highest rise in September.