Render is a revolutionary token that was created in 2017. Its unique use cases and nature make it distinguishable from other meme coins or short-termed tokens with a limited utility.
The bullish market started earlier for RNDR, which has been on an uptrend stride since Q4 2023, turning the heads of many digital investors with news that promises a bright future for the crypto token.
The token started swinging around the 5-dollar mark, a number that the crypto hasn’t reached since the last 2021 boom. Let’s find out what’s behind this surge and what the Render token price predictions are.
Render is a crypto token built on the Ethereum blockchain, which works as a shared GPU rendering network, allowing users to utilise its processing power and capability for mining activities and animation generation.
Crypto artists can rent this powerful machine’s capacity to fuel their graphic designing studios, special effects renders, and more.
These advanced tech solutions set the token apart from others and promise more use cases that benefit crypto communities and developers.
The token has been one of the best performers in 2023, but it faced a setback in Q3 2023. However, starting from October 2023, the crypto started a positive movement, combined with several updates and reports that motivated investors to double down on their purchases.
After being built on the Ethereum blockchain since its inception, Render Network announced the intention to move to the Solana blockchain after a community vote. SOL chain was chosen because it is faster, cheaper and more efficient in handling Render’s network operations.
After a couple of months, The Render Network Foundation announced the migration completion and changed the ticker from $RNDR to $RENDER.
Moreover, on January 31, Coinbase announced that it is going to list $RENDER in its offerings in the upcoming update and added it to its roadmap, triggering a tremendous wave of purchases and wallet activities for the RNDR token.
The token performed excellently in 2023, starting the year at $0.40 and peaking in the summer at $2.90, marking a 625% value growth in 6 months.
However, this upward trend did not hold since the price declined and touched down at $1.30 in September 2023, but little did we know that this was the calm before the storm.
In October 2023, RNDR started increasing, achieving a +10% price increase in one day, which continued at different rates, closing the year at $4.40, or an 877% price increase over the year. Note that the price peaked on December 26th at $5.1, a price that was achieved for the last time in 2021.
Let’s analyse the price using the (EMA) exponential moving average indicator to evaluate the price performance and predict future trends.
We use the EMA indicator and shift it over three timelines, 50, 100, and 200 days, and compare them to each other to understand short-term and long-term market trends.
Let’s start by looking at the long-term changes. We compare the 50-day with the 200-day and see how the price line fluctuates over and under the blue line throughout 2023, with a massive dip under the yellow line later in the year up until October.
Starting from October, the price line moved far away from both lines, especially the long-term yellow line, and reached new highs, crossing the $5 mark on December 26th. Then, the price line declined and fell under the 50-day EMA line but still way above the 100-day.
This shows how the changes were only short-term, which was true because the price started growing again and went above the 50-day line on Jan 27th at $4.6.
We use the 50-day EMA in conjunction with the 100-day to understand short-term changes.
The price line was fluctuating over and under both lines in 2023. However, the surge in October pushed the price far from both lines.
After peaking on December 26th, the price trend fell under the 50-day line and touched the 100-day line a few times. This means that price changes are not long-term; otherwise, the line would have crossed the yellow line more frequently and dropped deeper.
With the Greed & Fear index pointing at mild greed and the market going bullish about RNDR, the time is probably now to buy some tokens.
However, short-term declines are expected now and then before the price can possibly break even beyond the $5 mark.
If bulls manage to pick the price to new levels, the Render token price prediction for 2025 might be discussing the probability of going over 10 or 15 USD, marking a new dawn for the crypto token.