The Render Token jumped to the highest stage since June ninth as demand for the coin rose. RNDR rose to a excessive of $0.6625, which was 156% above the lowest stage this month. Its market cap has risen to over $156 million.
What is Render Token and why is it rising?
Render is a blockchain mission that is serving to builders decrease the price of constructing functions. Its idea is to attach artists and media creators with distributed graphic processing items (GPUs).
These distributed GPUs will be processed on a peer-to-peer community, making the transactional course of of rendering and streaming 3D environments cheaper and simpler for end-users. According to the community’s founder:
“The RNDR Token, powered by the blockchain, uses the act of creation – rendered by the laws of physics and light – to open the door to a new model of value exchange and a truly decentralized Metaverse.”
Render Token is rising in recognition amongst creators and builders. Some of the high companions for the community are Decentraland, SiaCoin, Algorand, and Basic Attention Token (BAT). It is additionally used extensively by many NFT artists who don’t have entry to costly GPUs amid the chip scarcity.
It is unclear why the RNDR token value has jumped sharply right this moment. According to Binance, it has risen by over 17% in the previous 24 hours, making it the sixth high performer after STRAX, USTC, HIVE, LUNC, and AST.
The rebound is principally as a result of of traders who’re shopping for the dip in the token. Another doable motive is the worry of lacking out (FOMO) amongst retail merchants who consider that it has turn out to be extremely low-cost.
Another doable motive is that the coin is being pumped as we have now seen with many cryptocurrencies like Spell, YFII, and TrueFi amongst others.
RNDR value prediction
The four-hour chart exhibits that the RNDR value has made a robust rebound in the previous few days. The coin rose to a excessive of $0.6625, which was the highest stage since June ninth. On the four-hour chart, Render managed to maneuver above the 25-day and 50-day shifting averages. It has additionally shaped an inverted head and shoulders sample.
Therefore, since this sample is often a signal of reversal, there is a chance that the coin will preserve rising as traders goal the key resistance at $0.80, which is about 35% above the present stage. On the flip facet, a drop under the assist at $0.500 will invalidate the bullish view.