Render (RNDR) has been making headlines as one of the top-performing coins of the week. With a remarkable surge of over 40% in the last seven days, RNDR has caught the attention of investors and traders alike.
During the past week, RNDR hit a daily high of $2.56 but has since pulled back slightly to its current trading price of $2.45, representing a 6.50% gain in the last 24 hours. Despite the pullback, the bulls seem to be active and holding strong at the $2 support level, which is considered crucial.
Any bearish break below $2 could potentially spell disaster for RNDR. Looking ahead, RNDR could potentially reach a target of $2.55 in the short term. This target could pave the way for higher highs and further gains for the coin.
However, Render Token’s technical analysis suggests a bullish sentiment, but the Fear & Greed Index shows extreme fear. The cryptocurrency has seen a 93.18% increase over the last 30 days and is expected to continue its recovery with a projected 118.65% increase by the end of April, reaching around $5.16.
The token is currently trading below the 200-day simple moving average but has shown a buying signal since December 31, 2023. The 50-day SMA also indicates a buy signal.
Technical indicators suggest the 200-day SMA will drop soon, with a projected price of $0.96 by December. Meanwhile, the short-term 50-Day SMA predicts a $1.48 by December 2023-2024. The Relative Strength Index (RSI) is neutral, currently at RSIValue.
Render (RNDR) Price Driving Factor
Following the community’s approval of the Render Network’s expansion onto the Solana (SOL) blockchain and a revised approach to allocating network resources, the Render Network token (RNDR) experienced a significant surge.
On April 26, the Render community gave the green light to two proposals, RNP-002 and RNP-003. According to the final Snapshot votes results for RNP-002 and RNP-003, with 99.26% and 99.9% approvals, respectively, both proposals have met the minimum quorum for a final vote and have been passed.
According to the Medium blog post, over 4.8 million RNDR voted to approve RNP-002, while over 4.7 million RNDR voted to approve RNP-003. The Render Network team and Foundation thanked all community members who participated in the voting process.
The proposals will now be updated to “Approved and on the Roadmap” status and added to the development roadmap. Further updates regarding the proposals and their development statuses can be found on the Render Network channels.
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