Render Token Price Prediction As RNDR Bulls Target 44% Increase To $3.0: Time To Buy?

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Render (RNDR) price leaped 50% over the past week after two significant developments took place on the network. The price has been on an upward trend since mid-January, recording higher highs and higher lows that led to the formation of an ascending parallel channel. With bulls looking to record more gains, whether investors will make more profit depends on RNDR price moving within the technical formation.

At the time of writing, RNDR was trading at $2.09, up 10.70% in the last day with a 24-hour trading volume of $243.25 million and a live market cap of $513.7 million, placing the token at #80 on CoinMarketCap.

RNDR Price Soars On News Of Render Network Scaling Up

Render (RNDR) token’s price jumped 50% over the past week, probably because of two significant developments on the network.

4) Recent Growth Drivers:

– Render Network announced the Render Network Foundation, a not-for-profit organization that will look after Project Maintenance, and Community growth.

– Render Network introduced a new tokenomics model for $RNDR which enable burn to mint mechanism.

— DYθR (@dyorcryptoapp) February 7, 2023

First, the Render project implemented a new tokenomics model christened ‘Burn Mint Equilibrium (BME).’

The token of #RenderNetwork, $RNDR, is up over 90% on the week following the passing of a new tokenomics model by the @RenderToken DAO. https://t.co/Mgf5c4IsEz

— Decrypt (@decryptmedia) February 3, 2023

The Render project unanimously voted in favor of adopting a new tokenomics model dubbed ‘burn-and-mint equilibrium,’ coming forth to incentivize the market participants so that they can accumulate more RNDR tokens in the near term.

In a GitHub discussion, project heads said that burn-and-mint equilibrium would see RNDR serve as the proprietary payment currency. “Jobs-to-be-done” will be priced in USD, with creators burning RNDR tokens equivalent to the job price. Additionally, non-transferable, non-fungible “Coupon Tokens” (or “Render Credits”) will also be issued to track completed tasks.

The RNP-001 vote is officially closed! Final results: -210mm RNDR cast to approve, -3.7k RNDR cast to deny. https://t.co/nqAij4vm8h pic.twitter.com/Rf7SJ2Ctwk

— The Render Network (@rendernetwork) February 1, 2023

The project would compensate node operators for their work by offering them base-asset issuance incentives as a reward for their availability to handle tasks and the number of jobs they completed within the span of the network.

They will also set a net emissions cap to ascertain that rewards keep coming despite attaining the emissions limit. Accordingly, the emission amount will be adjusted relative to network growth requirements.

Another reason for the recent bull run for the RNDR token is the launching of a foundation, to work as an NGO. In a medium announcement on January 20, the Render ecosystem said it was launching a non-profit organization that would be “dedicated to maintaining the core Render Network protocol and growing its community and ecosystem.”

Huge @RenderToken milestone to share today: Announcing The Render Network Foundation (and the incredible team running it!) https://t.co/hiRPKQ3kVU #RNDR $rndr

— Jules Urbach (@JulesUrbach) January 20, 2023

Christened the ‘Render Network Foundation’, the core code base and brand control rights are held by the foundation.

Will RNDR Price Sustain The Uptrend?

The Render (RNDR) token has been on an uptrend for two weeks now, with bulls looking to hit the $3.0 level before the end of the week. The price has recorded significant gains, catapulted by higher highs and higher lows. With this trajectory, the price has moved within an ascending parallel channel to the current value of $2.09.

An ascending parallel channel is a highly bullish technical formation that forms when the price moves within two parallel boundaries in an upward trend. The asset is bound to record gains for as long as the price treads within this pattern.

Currently, at $2.09, the RNDR price is confronting the immediate resistance at $2.15 as it attempts a breakout past the upper boundary of the technical formation. An increase in buyer momentum at current levels would open a path for the RNDR token to record high prices. If the token achieves a daily candlestick close above the chart pattern, the chances of a breakout would be higher.

If bulls can increase their buying pressure at the current level and break out of the channel, the price would have the required trajectory to record more gains, potentially breaching past the resistance at $2.5. In highly ambitious cases, the price could reach the $3.0 target, marking a 44.18% price surge from the current levels, and a 715.93% increase from year lows of $0.3678

RNDR/USD Daily Chart

Render (RNDR) — *TradingView Chart: RNDR/USD*

The positive move for RNDR price was indeed possible, given the upward movement of the 50-day Simple Moving Average (SMA) at $0.756, showing that more buyers were coming into the market.

The Relative Strength Index (RSI) was also moving upwards, as was the Moving Average Convergence Divergence (MACD), suggesting the path with the least resistance was to the north. Notice also that the histograms were turning from pale green to deep green, showing that bulls were leading the market.

On the flipside, given the highly volatile nature of crypto and mindful of the unsustainable nature of bull runs fueled by secondary news, it is possible that RNDR price could drop. Such a case would manifest once the price moves below the lower boundary of the chart pattern.

In such a case, the RNDR price could drop to the $1.51 support level or further to reach the $1.187 support. By this level, however, investors would have been spooked so much that a sell-off would ensue, possibly sending the price to retest the 50-day SMA, or worse, the 100-day and 200-day SMAs at $0.64 and $0.59 levels, respectively. In extreme cases, the RNDR price could squat to the $0.5 support floor.

With the RSI at 88, the token is overbought, and this supports the case for the flipside, as buyer momentum would eventually wear out. Consequently, the market would be due for a correction.

RNDR Alternatives

Besides RNDR, other projects have also become very bullish in 2023, promising ultra-high returns for early investors. Among them is FGHT, the native token of the Move-to-Earn (M2E) project Fight Out.

Fight Out is a unique project that uses Web3 and blockchain technology intending to change the fitness industry. It provides participants with personalized diet plans, workout regimes, and professional health advice so that they remain motivated while at the same time decreasing the amount of time required to achieve their goals.

Fight Out’s team plans to introduce a big game-changer to the M2E table by launching FGHT gyms in Q4 2023. Based on recent reports, the ecosystem will open several real-world gyms worldwide, further incentivizing users and bringing a wide range of benefits to the table.

https://twitter.com/FightOut_Team/status/1619355471760232448

The gyms will be designed with individual players’ fitness goals in mind, delivering top-tier equipment, including innovative technology to allow participants to accurately track their movements and exercises, thereby helping them achieve their desired results.

The native token of the Fight Out ecosystem, FGHT, is in its presale stage where they have already raised upwards of $3.96 million.

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