- The Render Token is nearing its year-to-date high.
- It has jumped by more than 530% from the lowest point in December.
- The token is nearing an important resistance level.
Render Token was one of the best-performing tokens on Thursday as Bitcoin and other altcoins turned green. RNDR token rose to a high of $2.41, a few points below the year-to-date high of $2.62. In all, Render has soared by more than 530% this year, making it one of the best-performing tokens in the world.
What is Render Network?
Render Network is a technology company that uses the blockchain technology to solve a challenge that many creators find themselves in. It makes it easy and cheaper for creators to create graphics using a decentralized network.
The idea behind this is simple. Buying the most powerful graphics card is quite expensive to most people. Therefore, it is simplifies the process by making it possible for people with extra graphics space to share it and make some cash.
Render’s technology has gotten highly advanced that it provides near real-time rendering using a decentralized GPU technology.
It is not clear why Render’s token has jumped sharply in the past few days. A likely reason is that the network is nearing its migration to Solana. Members of the community voted to move to this ecosystem in April, as I wrote here.
Moving to Solana comes with several benefits such as higher transaction speeds and lower transaction costs. The average transaction costs about $0.00012, which is much lower than that of Ethereum.
The RNDR price has also jumped after the community voted for the creation of the foundation that will be responsible for governance. It will bring transparency in the network and make it possible for it to provide funds to the network using the emissions resource grant.
Render Token price prediction
In my last Render forecast, I wrote that the token was ripe for a massive rally, which was accurate.
The daily chart shows that the RNDR price has risen in the past three straight days and is now sitting at the highest point since May 1. The token has moved above the important resistance point at $2.2, the highest point on February 7.
Render has also jumped above the 25-day and 50-day exponential moving averages and the Ichimoku cloud. Therefore, the token will likely continue rising as buyers target the next key resistance point at $2.64.
This is an important price since it was the highest point this year. Render Token needs to move above this price for the rally to continue. If it fails to move above that level, it means that Render has formed a double-top pattern, which is usually a bearish sign.
