Render Token Price Prediction: RNDR Drops 5% To $1.96

Updated: 08 February 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Render Network token (RNDR) has surged more than 44% over the past month, as the DAO voted on the Burn and Mint Equilibrium (MBE) framework. Despite this, the Render Token price has dropped 5.7% over the past 24 hours to trade just below $2.0 according to data from CoinMarketCap.

A New Tokenomics Model Fuels The Render Token Price

RNDR price has increased 22% between February 5 and 7. The run-up follows a decision by the Render Network DAO to approve the burnt-and-mint equilibrium (BME) model aimed at capping net emissions. The DAO unanimously voted to approve the new tokenomics framework on January 31.

This followed a proposal that was posted on GitHub where the new model was expected to allow artists to burn the required amount of RNDR tokens in exchange for non-fungible work credits. These are in turn distributed to node operators.

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

— Render Network | RNDR (@RenderToken) February 1, 2023

The new model is aimed at making the blockchain’s native token RNDR a commodity as well as a deflationary asset.

Render Network was founded in 2016 by cloud rendering company OTOY’s Jules Urbach and is designed to provide distributed graphics processing unit (GPU)-based rendering service for the culture and entertainment sector.

According to data from Coinglass, a crypto data provider, RNDR’s funding rates remain positive on most crypto trading platforms, indicating bullish sentiments amongst traders.

RNDR Funding Rates — **Source**: *CoinGlass*

The Render Token Price Analysis

At press time, the RNDR price was fighting immediate resistance from the middle boundary of an ascending parallel chart pattern at $2.20. A daily candlestick close above this level would signal the ability of the buyers to sustain the uptrend.

This would see the price rise higher to tag the bullish target of the prevailing chart pattern at $2.43, embraced by the upper boundary of the rising channel. Such a move would represent a 24% ascent from the current price.

RNDR/USD Daily Chart

Render Token Price Chart - Feb 8 — *TradingView Chart: RNDR/USD*

The Render Token price was trading above all the major moving averages which were facing upwards, an indication that the market sentiment was positive. In addition, the Moving Average Convergence Divergence (MACD) indicator was moving northwards deep in the positive region, a suggestion that RNDR was in the firm grip of the buyers.

The Directional Movement Index (DMI) also validated the bullish thesis for the Render Token price. The positive directional line (D+) at 38 was way above the negative directional line (D-) at 1.5. The position of the average directional line (ADX) at 71 suggested that RNDR’s uptrend was very strong.

Things may, however, go awry for the RNDR price if it slips below the immediate support at $1.96, embraced by the lower boundary of the ascending channel. In such a case, the price may drop first to the $1.65 demand zone and later to the buyer congestion area at $1.96. In highly bearish cases, the Render Token price may drop to revisit the SMAs or lower to the $0.4 support wall. This would completely undo all the gains attained over the last month.

Promising alternatives To RNDR

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.

The native token of the Fight Out ecosystem, FGHT, is in stage two of its presale stage where more than $4 million has already been raised.

It's official #FightOutCrew! ?

We have raised over $4M in our stage 2 presale! ?

Another huge milstone reached, thanks to everyone who made this happen!

The price of $FGHT will keep increasing every 12 hours! ?

Join the presale now! ?⬇️https://t.co/ZJslyfHI4t pic.twitter.com/co70hPP0V9

— Fight Out (@FightOut_) February 8, 2023