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Render Network Token (RNDR) price surge nears its defining point

By:
on Apr 17, 2023
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  • Render Network token has jumped sharply this year as crypto prices have recovered.
  • The network is migrating to the relatively faster Solana ecosystem.
  • There are concerns about its opaque user statistics.

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The Render Network token has been in a strong bullish trend in the past few months as investors move back to cryptocurrencies. The RNDR token soared to a high of $1.96, the highest level since February this year. It has soared by more than 442% from its lowest point in December.

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Who is using Render Network?

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Render Network is a blockchain network that seeks to solve a real problem in the computing industry. With demand for computing power rising as people embrace gaming and the metaverse, there is need for a cheaper and more reliable platform that people can use.

Render Network aims to solve this challenge by using decentralization, which makes it possible for people to share their GPUs. The developers believe that they are disrupting a large industry, which is now dominated by large companies like Nvidai that sell expensive high-performance GPUs. With Render, these people will be able to share their processing power.

The most recent Render news is that the developers are now tramsitining it to Solana, a controversial network that was caught up in the FTX and Alameda Reesearch. The goal is for the network to be housed in one of the fastest platforms in the inustry.

However, my concerns with Render Network is that it is unclear whether people are using the network presently. This is dfficult to  know because the website shows little about this usage. I have also not found any information about this usage in popular analytics platforms like Dune Analytics and DappRadar.

RNDR token has also soared because of the overall crypto comeback. Most cryptocurrencies have soared in the past few months, with Bitcoin sitting at $30,000. The total market cap of all cryptocurrencies has jumped to more than $1.3 trillion.

Render Network Token price forecast

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RNDR chart by TradingView

The daily chart shows that the RNDR token price has been in a bullish trend in the past few months. Most recently, the token has jumped above the important resistance point at $1.59, the highest point on March 18. The coin has jumped above the 50-day and 100-day moving averages. It has also risen above the 23.6% Fibonacci Retracement level. 

The Relative Strength Index (RSI) has moved above the overbought level of 70. Therefore, while I have questions about the network’s use, I suspect that the token will continue rising as buyers target the year-to-date high of $2.17.

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