Render Token (RNDR) price increased by 5% in 24 hours, it is trading at $1.84 today, according to CoinMarketCap data. Nevertheless, the asset enjoyed a positive start to the year with a slight pullback.
The price increased from $0.422856 on January 7 to $0.548392 on January 13. It crossed the $1 mark, trading at $1.153368 on January 29. The price is close to the $2 level; however, the bears might push the price down, or it might continue the uptrend.
So what’s the price prediction for Render Token in the upcoming days? Will more network expansion push it higher?
Render Token Developmental Strides
Render is a platform built for artists on the Ethereum blockchain. With growing interest in the NFT and Web3 sectors, it is easy to see why it currently enjoys more attention.
Here are some of the latest developments on the network.
Burn Mint Voting Closed
A Burn Mint Equilibrium voting for members of the Render community has come to an end. This model seeks to maintain a balance between burned tokens and minted tokens on the network. Tokens rendered for services are burnt once the service is complete to maintain this balance.
Since the render Token network is community-based, the voting decided if the Burn Mint Equilibrium (BME) will function on the Render Network. Community-based projects sometimes positively influence an asset’s price, leading to a spike.
Render Token Creators Set Up Tutorials
Render Token top creators posted videos on the popular video-sharing platform YouTube to inform users how it works. David Brodeur, a creator of the network, stated that he stopped upgrading the GPUs on his machines in favor of the Render Token. Raphael Rau, Octane Render legend, also shared his thoughts on the rendering engine powering the Render Token.
David Brodeur aka @Yo_Brilly, has created visuals for notable brands like Gucci, BMW, Skrillex, etc.
In his full #RNDR tutorial, he makes a confession:
“I stopped upgrading GPU’s on my machines and now rely on the Render Network.” (Quote Paraphrased)https://t.co/vpUfLtKEax
— Render Network | RNDR (@RenderToken) February 3, 2023
The attention from top creators and efforts to educate other community members can indirectly influence the price. In addition, crypto prices are sometimes affected by the news, events, and developmental strides of a particular project.
Octane Render legend, Raphael Rau’s (@RaphaelRau) tutorial went further in depth to the rendering engine behind the Render Network.
— Render Network | RNDR (@RenderToken) February 3, 2023
Render Token Price Prediction: Will It Reach The $2 Mark Or A Further Dip Ahead?
Render Token is trading in an uptrend at the moment. The uptrend started on Thursday, 19 January, and despite some red days, the asset has persisted on its upward move. Yesterday’s opening price was $1.67, while the closing price was $1.77, with a price increase of 5.85%. However, the bears have moved swiftly today to slow the mounting pressure from the bulls.
Vital support levels are $1.42, $ 1.52, and $1.70; resistance levels are $1.88, $1.99, and $2.11. Render Token is trading above its 50 and 200-day Simple Moving Average. It indicates that the short-term and long-term sentiments for the asset are bullish.
The 50-day SMA has formed a golden cross rising above the 200-day SMA on the price chart, which is a bullish signal. The uptrend has persisted for the past 19 days, from January 19 to February 6, 2023.
The Relative Strength Index (RSI) is currently at 85.32, firmly in the overbought zone. It confirms that the bulls are still in control of the market. Also, more traders are placing buy orders in the market leading to this overbought sentiment. The Moving Average Convergence/ Divergence is above its signal line and pointing upwards, indicating a potential for more increase.
The technical indicators on the chart are bullish on the chances of Render Token breaking through its resistance levels. If Render Token rallies past the $1.88 resistance and the bulls maintain their charge, it will likely surpass $2 in the coming days. However, crypto assets are volatile and can deviate from price predictions. Therefore, careful analysis and a balanced understanding of the risks involved are vital before investing.
These Projects Will Soar To The Moon
Render Token is in great form on the price charts. However, here are some altcoin projects that are worth your investment.
C+ Charge (CCHG)
So much effort is dedicated to preserving the earth and reducing carbon emissions. C+Charge aims to use blockchain technology to provide safer environments by creating a payment platform for Electric Vehicle (EV) Owners. These owners will receive carbon credits as rewards for charging. The CCHG token is currently on Presale and has raised over $370,000.
Fight Out (FGHT)
It is a move-to-earn innovative platform that promotes physical fitness among its users. Users are rewarded based on physical activities. The presale stage has realized over $3.2 million. FGHT, the native token that powers the platform is currently worth $0.033 and will increase in value at the end of the presale.
Meta Master Guild (MEMAG)
So much positive feedback is ongoing about this gaming project. Meta Masters Guild brings cutting-edge innovation to Web3 gaming in the Metaverse. Meta Kart Racers, Raid NFT, and Meta Masters World are new games set to launch on the network.
MEMAG, the native token, is worth $0.019 and powers the gaming ecosystem. The presale has raised over $2.63 million. Join the Meta Master revolution today.
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