Render is a platform that utilizes blockchain technology to give segregated GPU-based rendering solutions. The Render Token (RNDR) permits users who want to render jobs to pay those who offer GPU resources.
RNDR tokens make a marketplace where GPU power is traded for digital content creation. In this regard, RNDR is not merely a payment method, it is also a measure of the computational work required to generate digital renders, which aids in establishing the value of rendering work on the Render Network.
To use the Render Network, the user requires RNDR tokens, which can be accrued on many cryptocurrency exchanges. Once the user has RNDR tokens in their wallet, they can use them within the Render ecosystem.
If the user has spare GPUs, they can sign up as a “Node Operator” on the Render Network, where their GPU’s power can be used to complete rendering tasks in return for RNDR tokens. The user can simply join their GPUs to the Render Network and start taking jobs.
On the other hand, if someone is a “Creator” who needs rendering work, they can send their projects to the Render Network.
Render Crypto Prediction On Daily Timeframe
The Render crypto earlier came back strongly from around $1.5, the price surged greatly and reached a weak high level of $5.3 on the chart.
Earlier the RNDR crypto expressed the bullish behavior as the price grasped the opportunity in the last three months and surged greatly by 128.42% and attained a good performance.
However, since last week, the Render crypto asset has demonstrated bearish behavior, suggesting that it has more room to drop as it plummeted by 8.61%. The price came out of the parallel channel, exhibiting the selling pressure.
Moreover, the Render crypto has revealed a sign of slump at weak high on the chart, as the price dropped from a critical supply level on the charts.
Render crypto is on the verge of a sharp decline, as it had encountered a sturdy resistance level and slid downward from the current level.
At the press time, the RNDR crypto is experiencing the latest decline of 5.09% in the last 24 hours, trading at $4.1554.
Furthermore, if the RNDR crypto price fails to stay above the $3.5 level, it could decline further.
On the flip side, if the demand for the RNDR surges and shows sustainable momentum, the asset price could advance above the weak high, from the current level. Then, the next important goal for the Render price is to cross $5.5.
The Render crypto asset is showing bearishness and falling potential as it declines below major 20-day exponential moving averages, which is influenced by the seller’s surge, if the influence stays persistent and surges more, the price could head downward to other supporting EMA’s.
Furthermore, the Render price asset is displaying bearish behavior as MACD shows a bearish cross with a broadening width of the histogram and the RSI is not near the 30 level, meaning that the asset is not facing much support.
Summary
Since last week, the Render crypto asset has been demonstrating bearish behavior and is expected to fall further. The price came out of the parallel channel, exhibiting the sellers’ strength.
Moreover, the Render crypto has revealed a sign of slump at a weak high on the chart, as the price dropped from a critical supply level on the charts. Furthermore, if the RNDR crypto price fails to stay above the $3.5 level, it could decline further.
Technical Levels
Support Levels: $3.5
Resistance Levels: $5.5
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/05/render-crypto-rndr-price-facing-rejection-from-weak-high/