- RNDR token price has increased by 1.98% during the intraday trading session.
- The market capitalization of the Render has reached $4.13 Billion.
- A 15.34% decline has been observed in RNDR trading volume in the last 24 hours.
RenderToken (RNDR) is a distributed GPU rendering network on the Ethereum blockchain. The system aims to bridge the gap between cryptocurrency communities and Hollywood studio production pipelines. RNDR is an ERC-20 token that utilizes a combination of manual and automatic proof-of-work (PoW) systems. The artist can use this token to exchange GPU compute power with GPU providers.
Render Year-to-date (YTD) Returns Has Crossed 100%
RNDR token price experienced a surge from the $5.39 on February 18, 2024. The price recorded over 50% return in under five days. Subsequently, the price reached the $8.09 level and faced profit bookings.
Earlier, the price made a decisional bullish point of interest (POI) at the $6.52 level. On the other side, crypto cruisers were well aware of this change. They assembled on the $6.52 POI on March 6 and made a bullish rally of over 100% to the $12.73 resistance.
Consequently, the Render price faced profit booking from the retailers, resulting in a bullish correction on the $10.01 bullish POI. Then again, a sharp buying happened on that POI, which recorded a 36% upsurge to the $13.65 resistance on March 17.
Supply & Holding Of The Render (RNDR) Token
The maximum supply of the project has locked at 536.87 million RNDR. The fully diluted valuation of the project is assumed to be $5.83 Billion. Render has released 71.13% of tokens from the maximum supply.
Crypto Whales hold 48.29% of the circulation supply, and the remaining 51.71% belong to others. An increase in holdings has been observed in retailers, reaching over 100 million. The whales and investors hold 261.59 and 165.82 million tokens.
Technical Analysis Of Render (RNDR) Price
The RNDR token price has recently slipped between the 50-day and 200-day exponential moving averages. This reflects the uncertainty in the direction of the current trading phase. The 200-day EMA can become a dynamic support for the token price.
RNDR token price has faced a sharp selling from the $13.65 resistance. It declined over 25% to the $10.12 level. Presently, the price is consolidating between $11.69 and $10.01. If the price slips below $9.46, the price may fall to $8.24 POI. For the continuation of the bullish trend, RNDR must close above the $12.73 supply level.
The relative strength index (RSI) reflects an internal bearish divergence in the price momentum. This indicates the strong selling pressure in the current trading phase. RSI is moving at 42.59 below the signal line.
Summary
The Render cryptocurrency has given a stable return of over 100% in the last six months. The token is gaining much appreciation from the crypto community. In the current phase, the price faces some profit bookings from the $13.65 resistance. Render price will surge again if it closes above $12.73. However, if the price slips below the $9.46 support, the price may face a sharp fall to $8.24 POI.
Technical Levels
- Resistance Levels: $11.69 and $13.65
- Support Levels: $9.46 and $8.24
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.