Clore AI, a rapidly expanding AI-focused cryptocurrency, has continued its recovery as demand for artificial intelligence assets rises.

Clore AI Token Performance

The Clore.ai (CLORE) token has surged for two consecutive days, reaching a high of $0.1143, its peak since September 26. This represents a 140% increase from its lowest point this year, although it remains 76% below its year-to-date high.

About Clore AI

Clore.ai is a blockchain project offering distributed Graphics Processing Units (GPUs) for industries such as AI training, cryptocurrency mining, and movie rendering. It competes with larger entities like Akash Network and Render.

Growing Demand for GPUs

The demand for GPUs has significantly outpaced supply in recent years, with projections suggesting that big tech companies will spend over $1 trillion by 2028. In response, Clore has developed a platform where users can lease GPUs, paying as little as 86 cents a day.

Increasing Rentals and Online Machines

There are clear signs of rising demand for Clore’s solution, as the number of rentals has surged to over 400,000. This trend is likely to continue as the use-case for GPU leasing expands.

🚀 400,000+ Successful Rentals! 🎉 We’re thrilled to announce that the Clore platform has officially surpassed 400,000 successful rentals! 💪

According to Clore’s statistics page, the number of online machines has reached a record high of 3,888, up from last month’s low of 3,166.

Market Influence

Clore’s price rally can also be attributed to the ongoing Nvidia stock surge. After bottoming at $90 in August, Nvidia’s stock has rebounded to $135, approaching its all-time high of $140. Palantir, another AI stock, has also seen a five-week rally, pushing its market cap to over $100 billion. Other AI tokens like Bittensor and Arkham have experienced similar rebounds.

Upcoming Financial Results

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

Technical Analysis of Clore.ai

The CLORE token formed a double-bottom pattern at $0.04412 in August and September, a highly bullish indicator. Recently, it formed a small doji candlestick pattern on October 9, which is considered a bullish sign. The price has moved above the 50-day moving average.

Further upside will be confirmed if the price rises above the key resistance level at $0.1193, its highest swing in September.

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