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- 1 The RNDR shows an intraday gain of 1.09% and CMP is $2.05.
- 2 The Major technical tools prompt for bullish moves ahead.
Render (RNDR) is a utility token based on the ERC-20 standard that is used by artists on the network to trade for GPU computing power from GPU providers (node operators).
Render (RNDR) uses a hybrid system of manual and automatic verification of work or in this case verification of render, to ensure that all art has been rendered correctly before paying and releasing the art.
Using the inherent security features of the Ethereum blockchain, proprietary assets are hashed when they are uploaded and sent to nodes in parts for rendering.
Render (RNDR) crypto plummeted by 4.41% in market value and by 18.30% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and info website. Its market value is $763,892,698 and its trading volume is $57,320,704. There are 371,908,615 RNDR in circulation.
Render (RNDR) open interest is $34.44 Million. As per Coinglass, another crypto analysis website, it fell by 7.17% in the previous session. The long versus short ratio for 24 hours is 0.972. The total number of short positions added in the last 24 hours is $7.78 K against longs of $50.91 K.
The performance of Render, In one year, has increased its value by 301.22%. In the year-to-date, which is the period from the beginning of the current year until now, Render has grown by 411.95%.
Moreover, In the last three months, Render has gained 16.50%. In the last month, Render has risen by 32.55%. In the last week, Render has climbed by 9.79%, which means that if someone invested in Render, they would have been profitable today. These numbers show that Render is a high-performing and volatile cryptocurrency that can offer high returns or losses depending on the market conditions.
The technical analysis indicates that RNDR price has a wonderful opportunity to surge only if it can break the previous resistance levels of $2.20 and $2.40 and also if it can stabilize the ongoing rally and surpass the previous high.
On the other hand, RNDR price might face and may drop to new support levels of $1.80 and $1.60, if the bulls lose strength and fail to hold the current level.
Is Rally Going To Surge More & Surpass $3 Soon?
At the time of publishing, Render (RNDR) is trading above the 20 and 50-day EMAs (exponential moving averages), indicating a bullish trend.
A bullish crossover has occurred as the MACD line (0.1047) and the signal line (0.88427) have moved above the zero line, indicating a possible change in the trend direction.
The RSI value (71) and the 14-day SMA (60) are both above the median line, suggesting strong demand for the product. The 14-day SMA also acted as a support level for the RSI, confirming the bullish momentum.
Conclusion
The price action shows a positive price action with a bold vision of an uptrend in the upcoming sessions. RNDR is showing a positive trend at the time of publishing and a strong buying is observed on the charts. The technical indicators tools used to estimate the RNDR price are showing gestures for more upside potential on the daily chart.
Technical Levels
- Support levels: $1.80 and $1.60
- Resistance levels: $2.20 and $2.40
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
