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Here’s why the Render (RNDR) token price has gone vertical

By: Invezz

Render Token (RNDR) has gone parabolic in the past few months, making it one of the best-performing cryptocurrencies in the industry. RNDR surged to a high of $6.26, its all-time high and over 1,587% from its lowest point in 2022. This surge has brought its total market cap to over $2.3 billion.

Nvidia of crypto?

Render Network has become one of the fastest-growing networks in the industry recently. This performance accelerated after the developers moved from Ethereum to Solana, a network that has become a favourite among DePIN builders.

The main reason why RNDR token has surged is that it is seen as the Nvidia of the crypto industry. For starters, Nvidia has become the fourth-biggest company in the world with a market cap of over $1.8 trillion. Only Microsoft, Apple, and Saudi Aramco are bigger.

Nvidia has achieved this because of the strong demand for GPUs, which are semiconductors that power artificial intelligence (AI) solutions. Other semiconductor companies like AMD, Super Micro Computer, and Taiwan Semiconductor have also surged recently.

Render Network aims to be a major player in the industry by offering distributed GPU on the blockchain. For example, if you have an advanced GPU that you don’t use, you can share it and get compensated by the users. 

The network’s goal is to create a decentralized GPU solution for 3D rendering. Its use case is in industries like visual effects and motion graphics, virtual assets and NFTs, virtual production, and projection mapping among others.

Render token has also jumped in line with the performance of other DePIN networks. For example, Helium token has surged to $11.12, 740% above its lowest point in December last year. Other top DePIN networks like Filecoin, Theta Network, and Arweave have also jumped.

Finally, and most importantly, Render Token price has soared because of the ongoing crypto bull run that has pushed the fear and greed index to the greed zone of 75.

Render Token price forecast

RNDR chart by TradingView

The RNDR token price has risen in the past three straight days. This rally has accelerated after the token jumped above the key resistance at $5.27, its highest swing on December 16th. This price action means that it has invalidated the double-top pattern. 

Further, the uptrend is being supported by the short and longer-term moving averages. Further, the Relative Strength Index (RSI) has jumped to the overbought point while the ADX indicator has moved above 30. Therefore, while the uptrend will likely continue, there is a likelihood that it will retest the support at $5.2754 and then resume the bullish trend. This price action is known as a break and retest pattern. The bullish view of Render is in line with my last Render forecast.

The post Here’s why the Render (RNDR) token price has gone vertical appeared first on Invezz

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