Render token price rose for five consecutive days, reaching a high of $8.28, its highest level since June 17. RNDR has jumped by over 137% from its lowest level in August, giving it a market value of over $4.5 billion.
Whale accumulates RNDR token
Render token jumped as on-chain data showed that one whale bought tokens worth over $10 million on November 19. The whale moved these coins from Coinbase to wallets, which is a popular approach for people who want to save their coins.
Render prices also jumped as investors moved to artificial intelligence tokens. Akash Network, a platform that offers decentralized GPU, rose to $4.68, which was about 200% above the lowest level in August.
Other popular AI tokens like ASI, The Graph, and Near Protocol have also continued rising in the past few days. Similarly, AI stocks like NVIDIA, Microsoft, and C3.ai have also jumped in the past few months.
For starters, Render is a popular network that provides distributed GPUs for rendering creators. Using the platform, developers can easily hire GPUs for use in rendering video games and other heavy tasks. This is a notable thing since the price of GPUs has surged in the past few months.
Crypto analysts are bullish on the RNDR price, with Paradox pointing to a move to $10, which is about 27% from the current level. Altcoin Cadet now expects that the Render token will jump to a record high. For this to happen, the coin needs to jump by over 71% from the current price.
Render token price forecast
The weekly chart shows that the RNDR price formed a double-bottom pattern at $4.317 recently. It has now moved above the neckline at $6.82, the highest swing on September 23.
Render has rallied in the last four or three weeks and moved above the 50% Fibonacci Retracement level. It has also moved above the upper side of the falling wedge chart pattern.
Therefore, there is a likelihood that the coin will continue rising as bulls target the next key point at $10. On the flip side, a drop below the key support at $6.8 will invalidate the bullish view. If this happens, the next point to watch will be at $6.
