Today’s market saw a general downturn in several coins, with losses wiping out their previous gains. However, Render Token (RNDR) managed to defy the trend by rising a remarkable 25% in the weekly chart.
This surge came as a surprise, especially considering the market had been bullish for the past few days due to the positive impact of leading currencies on others.
Unfortunately, this bullish trend could not last, as both Bitcoin and Ethereum fell from their key resistance levels, causing the overall market to turn into a sea of red.
Bitcoin, in particular, experienced a 4% loss in the daily chart, while Ethereum faced a 5.09% downturn. As a result, the total crypto market cap fell by 4%, according to the data from CoinMarketcap.
However, RNDR is currently trading at $2.03, showing an increase of 4.19% in the hourly time period. However, over the last 24 hours, there has been a slight decrease of approximately 1.22%.
Well, RNDR is expected to experience a significant increase in value by the end of April, with a predicted rise of 118.65% to approximately $4.47.
Despite currently trading below the 200-day simple moving average, Render Token has received a buying signal for the past 326 days.
Additionally, the 50-day SMA suggests a buying opportunity. However, the Relative Strength Index (RSI) currently sits at RSIValue, indicating that the RNDR market is in a sell position.
Technical indicators suggest that the 200-day SMA will drop soon, with a potential price drop to $0.90 by December 2023. In contrast, the short-term 50-Day SMA predicts a value of $1.37 by December 2024.
Render Token (RNDR) Price Driving Factor
The rise in price can be attributed to recent changes made by the Render Network Foundation. They have transferred control of the core Render Network repositories and brand to the community, which is a significant step towards decentralization and governance.
The Render Network protocol, originally founded by OTOY, is now expanding beyond the core team’s leadership. RNP-003: Resource Acquisition and Allocation for Core Team and Grants are being launched to aid in the network’s decentralization and growth.
The Render Network provides nearly real-time rendering using a decentralized GPU processing model to meet users’ increasing GPU computing needs. This model improves rendering speed for artists while reducing costs and increasing scalability.
The current RNPs are essential to the project’s transition from being led by a core team to being run by the community. Although OTOY will remain a significant participant and contribute resources, the project has grown beyond OTOY.
With the foundation’s formation, the network will be able to expand and take advantage of independent opportunities using its own resources. The foundation will generate sufficient funds for all transactions from a percentage usage fee.
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