Since the beginning of the year, when it traded at a minimum price of $0.40, the Render Token price has climbed by 260%. The price increased to $2.90 on February 7th, the highest level since April 2022. Notwithstanding the rise, the price at $2.18 was refused by the primary resistant area (red icon). From January and April 2022, the level served as support before changing to resistance. The cost has now decreased, hitting a low of $1.27 the next day. The subsequent bounce confirmed the $1.29 0.5 Fib retracement support level. Nonetheless, it is threatening to cause RNDR to collapse once more. If that occurs, the price might fall to the next support level of $1.08. This level is especially significant because it serves as both a horizontal support zone and the 0.618 Fib retracement support level. The direction of the upcoming trend will therefore depend on whether the price of the RNDR coin bounces or falls from the $1.29 support level. Retesting the $2.18 level might be triggered by a bounce, while a breakdown could start a decline to an average price of $1.08 instead. Bitcoin trading, you may consider using a reputable trading platform like trading app
Important Points
-The Render Token price has increased by 260% since the beginning of the year when it traded at a minimum price of $0.40.
-The price hit a high of $2.90 on February 7th but was refused by the primary resistant area.
-The price has now decreased, hitting a low of $1.27 the next day.
-The upcoming trend will depend on whether the price bounces or falls from the $1.29 support level.
-If the price bounces, it could retest the $2.18 level, while a breakdown could start a decline to an average price of $1.08. You can buy this Render token or any other crypto through Bitcoin smart.
Render Token Price Forecast for February: Parabola May Collapse
The short-term 12-hour price history reveals that the increase was entirely parabolic. Such increases are unsustainable over the long run, and on February 9 the price deviated from the parabola. In addition, it appears that the price of RNDR also finished a five-wave upward movement, with wave five expanding significantly to reach the 2.61 Fib extension of waves one and three combined. So, it is likely that the price is in an A-B-C correction, which could terminate at the $1.08 0.618 Fib retracement support level. Our negative RNDR price forecast would be invalidated by a rise above $2.18, which would push the price as high as $3.10.The continuation of the drop in the direction of $1.08 is the most likely RNDR price prediction for February. Nonetheless, a rise above $2.18 would counteract this negative price forecast. In that situation, the RNDR cost might rise to $3.10 (Feb. Render Token Price Prediction: Parabola May Fail. The short-term 12-hour price history reveals that the increase was entirely parabolic. Such increases are not long-term viable, and on February 9 the price deviated from the parabola.)
What is a Render Token?
Render Token is a project that was started in 2016 and aims to provide decentralized GPU-based graphic rendering solutions. The need for graphic rendering solutions has skyrocketed in recent years. All 3D graphic rendering solutions are required by gaming platforms, NFT artists, metaverse developers, architects, animators, interior designers, etc. Digital artists are already paying attention to the Render Token network, which has been making waves recently. The interface is really easy to use, there is a tonne of possibilities, it’s economical, and it just generally removes the need for technology to come in the way of creativity. said Beeple, the creator of the most expensive NFT artwork in the world. “Big project on a tiny computer? Your closest friend is The Render Network “Stefan Mathez, a well-known NFT performer, stated. Jobs that need to be rendered can be posted by the creators. The network will evaluate the project’s scope and determine the quantity of RNDR needed to finish it. The job’s specifications and price are encoded in a smart contract and published on the RNDR network.
Conclusion
Render Token demonstrates how blockchain technology can be used to build a project with incredible use cases and a tonne of practical applications. Also, the Render Token appears to have a promising future given the increased need for rendering solutions and its Apple connection. Cryptocurrencies are very volatile, though. In hours or minutes, their prices might change drastically. It is crucial to conduct your research and only invest money that you can afford to lose totally.