What is Next for Render Token (RNDR) after Noteworthy 50% Price Surge?

Interestingly, there were no prominent negative events such as hacks during that period. Instead, there were interesting developments in the crypto sector such as the introduction of BTC NFTs, Bitcoin Ordinals, and the launch of the Shanghai Ethereum upgrade, among others.

The value of Render Token (RNDR) jumps in 2023

The Render Token is one of the cryptocurrencies that has posted impressive results so far in 2023. In fact, its price is up by 305% year-to-date. Its performance shows that bulls are in control in the RNDR market.

Let’s look at the specific RNDR price movement since April this year. On 28 April RNDR broke above the $2.10 resistance level as it reached a yearly high of $2.41. From there it seemed to surge towards the next important resistance level, $3.10. Unfortunately, it failed to keep the momentum and its price currently sits around $1.60. Nonetheless, it’s performance is still outstanding so far this year.

As The Graph indicates, RNDR was in an uptrend for most of this year.

The Eliot Wave theory also gives a good clue on the direction a cryptocurrency or other investment assets will likely take. In our context, the Render Token completed 5 five-wave upward movement in March before it settled at the 0.5 Fib retracement support level within the territory of wave four. The following graph shows the trajectory which the Render Token experienced during March.

RNDR/USDT 12-Hour chart – Tradingview

As observed, the diagram shows that RNDR was set for another sharp upward movement into a long-term wave three. With that thrust the RNDR looked set to reach the $3.10 support resistance level. However, as the 90-day graph shows, the Render Token did not breach that resistance level. Instead, it reached a high of $2.83 as the next graph indicates.

RNDR Price Performance – CoinGecko

What is the Render Token (RNDR)?

Before we take a full analysis of the Render Token’s price history let’s understand what RNDR and RNDR network are. The Render token (RNDR) is the native cryptocurrency of Render Network, a decentralized platform that enables individuals and organizations to access distributed GPU power required for computer graphics.

Thus, RNDR is a utility token for the marketplace for renting and purchasing GPU resources necessary for rendering 3D scenes, videos and other graphical tasks. Individuals can rent their unused GPU power which projects that Render visual effects and Motion Graphics may need. Therefore, RNDR functions as a means of exchange within the Render Network.

Founded in 2016 by Jules Urbach and based on the Ethereum blockchain, the Render Network aims to promote computer graphics using the blockchain technology. Currently, there is a plan to use the Solana blockchain as well to make its service reach many individuals and projects.

It is also important to note that RNDR, launched in 2020, is available on many crypto exchanges including Gate.io. As well, since RNDR is based on the Ethereum blockchain it is a token rather than a coin.

RNDR Price history

When RNDR was introduced on the market in June 2020 its price was $0.04677. However, it attained a lower value of $0.2699 in August. For the rest of 2020 RNDR experienced peaks and troughs. Once again, it picked momentum in 2021 when it attained a new all-time-high (ATH) of $2.50 in March 2021. Sadly, in June of the same year its price fell below $0.50 and never recovered until November when it attained a new ATH of $8.76.

Nonetheless, the Render Token could not maintain the bullish momentum as it lost value again to close the year at $4.61. Although 2022 started on a good note for RNDR whose value shot to $5.44 on 4 January, it lost steam again, closing at $1.81 on 24 January.

The pulsating ups and downs of the Render token continued until the end of the year. It usually gained much when there were significant events such as listing on a new exchange. For example, RNDR attained a value of $4.17 when it was listed on Coinbase exchange in 2022.

Nevertheless, its price dropped to $0.2984 on 19 June 2022, before it attained a high of $0.7927 on 13 August 2022. From that time until 13 October, its value fluctuated between $0.372 and $0.7927. The news of its listing on the crypto banking app Revolut pushed its value to $1.14 on 6 November 2022. Sadly, the unfortunate collapse of FTX forced the price of the token to nosedive and close the year at $0.4025.

Like most cryptocurrencies, 2023 started on a positive note for RNDR whose value fluctuated between $0.40 on January 1st, to its May high of $2.83 and its current price of around $1.60.

RNDR Price – CoinGecko

Price Prediction of Render Token

Now, let’s analyze the potential performance of RNDR for the next 11 months. First RNDR price predictions come from Gate.io which estimates that the value of RNDR will be around $2.36 by the end of 2023 and $2.16 by close of 2024. It also predicts that the price of Render Token will be $2.42 in August 2025.

Next, CaptainAltCoin estimates that the price of RNDR will be $1.32 in June 2023. However, it contends that it will rise to $3.89 in 2025.

Finally, WalletInvestor indicates that RNDR will face tough times throughout 2023 and 2024. As a result, it estimates that the value of Render Token will drop to around $0.211 by April 2024.

Conclusion

Since its inception in June 2020, the Render token has been experiencing price peaks and troughs. However, it attained an all-time-high of $8.76 in November 2021. It has a current price of $1.62. Some experts predict that RNDR will have a value of between $2.82 and $3.89 in 2025. Crypto investors can trade Render tokens on Gate.io.