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The Render price surged 33% in the last 24 hours to trade at $9.857 as of 03:21 a.m. EST on trading volume that soared 192% to $1.1 billion.
This comes as Render ranked as the top gainer on CoinMarketCap for the top 100 cryptos by market capitalization after the token shattered its previous all-time high of $9 set in 2021.
RNDR is a distributed GPU rendering network on the Ethereum blockchain that aims to connect artists and studios in need of GPU computing power.
At last, the long-awaited massive candle we've been anticipating on the $RNDR / $USDT chart has arrived, soaring above the previous all-time high to establish a new peak of $10.33
The narrative around AI, GPU, and spatial computing is poised to drive market movements, and… pic.twitter.com/2a5KTo3IX4
— Dark Horseman (@Dark__Horseman) March 7, 2024
The sudden price surge came after a substantial purchase of 22,221.33 RNDR, worth $157,306, was executed at $7.079. Such large-scale, growing interest could see RNDR register new highs.
Render Price Set To Trade Above The Ascending Triangle
The Render price has been trending on a consolidation channel since the beginning of March. However, the bulls seem to have won this struggle, as they have been able to soar the price through a markup phase to retest the resistance at $10.28.
RNDR is trending within a range, as it tries to break out of the ascending triangle pattern.
Moreover, RNDR is trading well above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bullish momentum. The Relative Strength Index (RSI) is also moving up from the 50-midline level, which is an indication of growing optimism as investors intensify their buys.
The current RNDR price movements show signs of a reversal toward the resistance point, as the Moving Average Convergence Divergence (MACD) trades above the neutral line. The red bars on the histogram are also diminishing towards the zero line, indicating an impending rally to the upside.
Additionally, the Average Directional Index (ADX) is also bullish, as it trades above the 20 level, currently at 27, showing a strong bullish trend in the 15-minute chart.
Render Price Prediction
The Render price short-term analysis shows a bullish bias, as the bulls are aiming to soar the price over the upper boundary of the ascending triangle pattern. The ADX and RSI offer bullish prospects for optimistic investors as buying positions intensify.
Additionally, the 50-day SMA crosses above the 200-day SMA, forming a golden cross at $7.42. The bulls will look to capitalize on these factors to drive the price up, aiming for $11.3.
However, the MACD is showing signs of a bullish crossover, as the moving average line (blue) crosses below the signal line (orange). The bears could use this as a signal to sell, which could drive the price down through a retrace back to the critical support at $8.66.
Meanwhile, as the RNDR price records new highs, investors are eagerly anticipating the launch of Sponge V2, with rumors suggesting new listings on major exchanges could be imminent.
Buy Sponge V2 Now Before Exchange Listings, 1000X Gains Opportunity
Sponge V1 gave investors 100X returns on their investments during the 2023 bear market. If you missed that surge, you still have the opportunity to earn big with Sponge V2.
ONLY UP 🚀🧽🧽🧽🧽 $SPONGE
Important claim announcement coming soon! 🌟
Stay tuned 💦#SpongeV2 #MemeCoin #Crypto #AltSeason #Bullish pic.twitter.com/76CnfokjjS
— $SPONGE (@spongeoneth) March 6, 2024
Sponge V1 accumulated a huge following of over 13,000 holders, who raised its market capitalization to $100 million. The token was also listed on more than ten major exchanges, including Toobit, LBank, and BitMart. Sponge V2 promises to launch on even bigger and better exchanges.
The team discontinued Sponge V1 on Feb. 5, transferring its holders to the more secure and cost-effective V2 on the Polygon network. The Sponge sequel has already amassed over 51,000 holders.
The buzz around the token continues, as it saw a 22% surge in the last 24 hours to record a new all-time high of $0.002252.
👁️🧽👁️ h pic.twitter.com/xWJkrFHDhT
— $SPONGE (@spongeoneth) March 5, 2024
Stake $SPONGE V2, 563% Annual Rewards
Sponge V2 is set to capitalize on its predecessor’s previous achievements by implementing new uses. One key feature is the plan to launch a play-to-earn racing game, Sponge Racer, available in both paid and free versions.
You can also earn passively by staking $SPONGE V2, and enjoy an annual percentage yield (APY) as high as 563% on the Polygon network. Stakers have already staked over 8.9 billion tokens.
Jacob Bury, a prominent crypto YouTuber, believes that Sponge V2 is among the best meme coins to venture into right now.
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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