So far, Render Network’s native RNDR token holders have enjoyed a wild year. The ERC20 Token broke above $2.00 in 10 months despite a modest $0.41 price at the start of 2023, outside the top 100 rankings.
The bullish RNDR trend continues to attract large investors. But will the triple-digit rally continue for long before a correction occurs?
Our team examines key metrics on the blockchain to understand why the Render crypto tokens have surged in value. Additionally, we provide an objective prediction of the RNDR Token price trend for the next few weeks.
The Value of Render Token May Rise By 4.75% Reaching $1.55 on February 19, 2023
Render Token is currently trading at 1.51 USD. The Render Token’s Price has changed by 0.45% in terms of its USD rate as of February 14, 2023. Its market cap is $373,468,041, and its trading volume is $154,929,390.00. It ranks 98th among cryptocurrencies.
By February 19, 2023, we expect the value of Render Token may rise by 4.75% and reach $1.55. Based on our technical indicators, sentiment is neutral, whereas the Fear & Greed Index reads 50 (neutral).
18 of 30 (30%) days have been green for Render Token, and 40.03% have been volatile over the past 30 days. The time for buying Render Token is now, according to our forecast.
A minimum trading price of $1.40 and a maximum price value of $1.57 could be expected as we move toward the end of February. We expect the average price for Render Token in March 2023 to be $1.56.
An Overview of Render’s (RNDR) Endgame
Globally, RNDR has ranked as the second-best altcoin this year. While the Render Network ecosystem has seen an impressive 400% rise, on-chain data shows that top holders have continued to double down on their long positions, anticipating a much more significant price rise in the future.
RNDR is poised for another solid performance in February, according to Sentiments on-chain data. Since January 7, dolphin activity has increased steadily, as measured by the daily volume of transactions above $100,000. In the same period, daily weighted sentiment has also risen positively.
How Render Works
Render Network provides global GPU-based rendering technologies that transform digital content composition. With the Render Network, you can access GPU rendering capabilities at an affordable price and with internal rendering speed.
A key aim of Render is to connect users who are seeking rendering jobs with users with GPUs available to execute them. Users use OTOY (OctaneRender) to receive and complete rendering jobs on the Render Network.
As OTOY (OctaneRender) handles the payment and manages the Render Network, users transfer RNDR tokens to the person doing the rendering. Once GPU owners list their GPUs on the Render Network as “Node Operators,” they earn RNDR Tokens.
GPU operators handle this by accepting assignments from “creatives,” or people looking for rendering services, by uploading assets to the Render Network and assigning them operators. The site receives a small portion of the RNDR Token to keep the network running.
What’s Driving the Render Token’s Rise?
OctaneRender (the mobile app that manages GPUs on the Render Network) was listed in the Apple App Store in November, and prominent payment company Revolut added RNDR tokens to their platform.
However, on-chain metrics show speculation and overall bullish social sentiment have fueled the RNDR price boom this time. According to Coinglass data, new demand has consistently flowed into Render Network trades since February 1.
We expect the value of the Render Token to continue to rise because of shortages, which encourage price increases. But all investments come with some risk. Conduct as much research as you can before making any conclusions.
Fight Out (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses