Render (RNDR) Price Prediction - RNDR Pushes for a Double in Value

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Render (RNDR) price has been on a downtrend since around June, falling almost 45% to find support around $1,329. However, the altcoin has pivoted around the same level over the last four days to move north. At the time of writing, RNDR is auctioning for $1.476, attempting to record a decisive close outside a bearish technical formation.

Render Distinguished Among Rendering Solutions For 3D Artists

The Render network is pivotal for 3D artists, offering an avenue for displaying their creative masterpieces.

In your experience, what sets the @rendernetwork apart from other rendering solutions for 3D artists?

— The Render Network (@rendernetwork) September 6, 2023

The bullish momentum for the Render price comes from the recent AI mania and GPU computing power demand.

I’ve said it before and I’ll say it again.

If you’re:

🔥Bullish on Crypto
🔥Bullish on GPU scarcity
🔥Bullish on Blockchain

Then you should have $RNDR in your portfolio.

No other crypto:
🔥Enables artists to instantly have provenance of their art.
🔥Has as many GPUs on tap… pic.twitter.com/tuyg1i8Uyf

— Lord ¥ayowam ⭕️ (@yayowam) September 7, 2023

The decentralized rendering platform links GPU computing power users with providers with colossal power supplies. All this goes to AI, virtual reality (VR), media, and media content, with Render Network’s pricing model distinguished for dynamism. The model is also competitive, catering to user needs on metrics of complexity, urgency, and the resources available.

It distributes the workload to the GPU providers over the Render token’s peer-to-peer (P2P) network. In doing so, it incentivizes nodes to provide computing power in excess. Notably, the platform’s use cases continue to expand, with AI, gaming, and AR (augmented reality) as the bases for application.

As such, the recent optimism around the network comes as AI continues to go mainstream in the crypto arena.

https://twitter.com/TraDergenerate/status/1699838200909557833

Render Price Analysis As RNDR Eyes $2

Though not decisively, render has broken out of a descending parallel channel, and investors should wait for confirmation. This will happen once the token breaks above the 50-day Exponential Moving Average (EMA) at $1.573.

A strong move above this hurdle would pave the way for RNDR to test the 200- and 100-day EMAs at $ 1.663 and $1.695, respectively.

The altcoin could extend to hit the psychological $2,000 target in a highly bullish case. Such a move would constitute a 35% ascent from current levels.

The Relative Strength Index (RSI) is in an overall uptrend, indicating increasing bullish momentum. In the same way, the Moving Average Convergence Divergence (MACD) indicator is positive, suggesting the bulls dominate over the bears. As such, momentum indicators bolster the case for the upside.

Render price — TradingView: RNDR/USDT 1-day chart

On-chain Metric GIOM

Data from crypto intelligence tracker IntoTheBlock supports the case for the bulls. The Global In/Out of the Money (GIOM) metric “estimates the volume or percentage of wallets or addresses holding an asset sitting on unrealized losses or profits” at any given time. When the average price that the wallets (or addresses) bought an asset is below the current price, the wallet sits on unrealized losses. However, if the purchase price of the wallets is above its current price, the wallets are sitting on unrealized profit.

The GIOM metric above shows that 52% of the RNDR wallets are currently making unrealized profit (in the money). This is against the 42% presently recording unrealized losses (out of the money). Only 5% of RNDR token holders are breaking even (at the moment).

As long as more addresses are in the profit, the selling pressure on the Render price is lower than the buying pressure. This adds credence to the optimistic outlook.

On-chain Metric IOMAP

The Into/Out of the Money Around Price (IOMAP) metric corroborates the bullish thesis. It shows that the Render price has more robust support downward.

Any efforts to push the Render price below the current $1.473 value would be countered by buying pressure from the 1.14K addresses that bought 9.82 million RNDR tokens at an average price of $1.45.

Converse Case

On the other hand, momentum seems to be waning, as indicated by the RSI tipping south. This could see the Render price fall back into the descending parallel channel to continue the downtrend. A decisive flip of the support provided by the midline of the technical formation at $1,329 would invalidate the bullish thesis.

In the dire case, the Render price could extend south, falling below the lower boundary of the chart pattern, with the potential to revisit the range low at $0.951. This would denote a 35% drop from current levels.

With RNDR working out of a bearish chart pattern, consider WSM, the meme coins that will launch soon after breaching the $25 million mark in presale sales.

RNDR Alternative

When thinking about promising alternatives to Render tokens, WSM comes to mind. It is the native token for the Wall Street Memes ecosystem, set for launch in just over two weeks. The WSM presale countdown will end soon, so don’t waste time.

With the presale window closing, investors have only a few days left to buy WSM at the $0.0337 price. After the presale ends, the token will be listed on a tier-one exchange. Experts and analysts say WSM price will increase once the token secures listing, attributing the anticipation to the strong fundamentals that the Wall Street Memes project shows.

Investors can buy WSM at the presale stage using Ethereum (ETH), the US Dollar (USD), or Binance Coin (BNB). This ensures that the project remains accessible to an ever-growing user community. Moreover, with growing anticipation and analysts’ high hopes for WSM, the project has attracted the attention of renowned industry executives, including the renowned DOGE father, Elon Musk.

🤣

— Elon Musk (@elonmusk) April 22, 2023

The project prioritizes transparency, which explains why Wall Street Memes tokenomics is public information. Specifically, 30% of the token supply goes toward community rewards. 20% will be availed on centralized and decentralized exchanges (CEXes and DEXes). 50% remains up for presale purchase.

Visit Wall Street Memes here