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Render (RNDR) saw its price rise throughout the past day of trading, according to data from CoinMarketCap. The cryptocurrency market tracking website showed that RNDR recorded a 24-hour gain of 3%. This elevated the altcoin’s price to $1.98 at press time.
About Render
The Render network is a blockchain and cryptocurrency-powered project that allows individuals to contribute their unused graphics processing unit (GPU) power. Projects can then render motion graphics and visual effects using this decentralized network of GPU power. In return, individuals who rent out their spare GPU power receive RNDR tokens.
Technical Overview
Daily chart for RNDR/USDT (Source: TradingView)
From a technical standpoint, sellers had attempted to force RNDR’s price below the $1.240 support level on 1 September 2023. Bulls, however, stepped in to defend the key price point. Buyers then continued to offer their support to the cryptocurrency’s price – leading to the formation of a medium-term positive price channel.
Continuing Its Upward Trajectory
RNDR was still trading within this ascending price channel at press time and could look to break out above the channel in the next few days as technical indicators on RNDR’s daily chart supported a short-term positive outlook. The daily Moving Average Convergence Divergence (MACD) and the daily Relative Strength Index (RSI) indicators suggested that RNDR’s value may continue to rise in the next few days.
The MACD line crossed above the MACD Signal line over the past few days. This could signal that RNDR’s positive trend may continue in the coming days. The daily MACD line was also breaking away from the MACD Signal line, suggesting that the positive trend was growing stronger.
The daily RSI line had broken above the RSI Simple Moving Average (SMA) line through the course of the past week as well. This indicated that buyers have grown stronger than bears over the last week. Subsequently, it will most likely be easier for buyers to continue to lift RNDR’s value than for sellers to drag its price down in the coming couple of days.
Buyers Have the Upper Hand
The daily RSI line was also positively sloped. This suggested that buyers had maintained their power against sellers at press time. Traders and investors will want to note that RNDR was entering overbought territory. Traders normally see this as a sell signal, as the downside potential is greater than the upside potential.
Should the bullish technical flags on RNDR’s price be validated, the altcoin’s price could rise to as high as $2.40 in the short term. However, if traders enter into short positions for RNDR, they may soon retest the immediate support level at $1.730.
This is a significant price point given that it is also confluent with the lower level of the positive price channel. Therefore, a break below this mark may be followed by the cryptocurrency’s price dropping to $1.450. In an extremely bearish scenario, RNDR could also fall to the $1.240 support level if the potential sell pressure persists.
While Render aims to create a decentralized GPU power hub, Bitcoin Minetrix is busy transcending the current limitations of Bitcoin (BTC) cloud mining through decentralization.
Bitcoin Minetrix Presale Hits New Milestone
#BitcoinMinetrix has passed the $1,800,000 mark!🚀 pic.twitter.com/mBNdn4syU7
— Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Bitcoin Minetrix shared that their presale has recently surpassed the $1.8 million fundraising milestone. Their website indicated at press time that the presale had raised $1.8 million. As a result, Bitcoin Minetrix is less than $500,000 away from its presale target.
Anyone looking to get in on the project in this early stage can buy the project’s native token, BTCMTX, for just $0.0111. However, investors will need to hurry as the token’s price will be increased within the next 3 days.
Transforming the Cloud Mining Industry
Bitcoin Minetrix aims to address all issues linked to BTC cloud mining. These issues include the growing number of scammers that BTC cloud mining has attracted and the current high entry barrier for anyone looking to participate in cloud mining.
Identifying the safety and security aspects for #BitcoinMinetrix vs Traditional Cloud Mining: 🛡️
🔒 #BTCMTX: Decentralized, user-owned tradable tokens.
💵 Traditional Cloud Mining: Cash deposits are required.#CryptoComparison #CloudMining pic.twitter.com/55g9OmvRoz
— Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Through their innovative platform, Bitcoin Minetrix allows users to start earning from BTC cloud mining by simply staking BTCMTX. After users have staked their tokens, they will be rewarded with ERC-20 tokens. These rewards then need to be burned for BTCMTX holders to claim a portion of the project’s mining power.
Related Articles:
- Render Is Rendering Profits With A 9% Jump! However, Bitcoin Minetrix Is Where the Future’s At
- Experts Predict This New Stake-to-Mine Crypto Could 10x at Launch – The Future of Cloud Mining?
- New Stake-to-Mine Crypto Presale With Potential For High Returns
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