- Render Network is a platform disrupting the growing GPU industry using blockchain.
- The RNDR token has been one of the best performers in the industry this year.
- It has done well because of the ongoing investments in artificial intelligence.
Render Token price has bounced back in the past few weeks, making it one of the top cryptocurrencies in the market. The RNDR token rose to a high of $1.91 on Monday, the highest level since July 20th. It has jumped by more than 40% from its lowest level in August.
RNDR is the token of the Render Network, a platform that aims to disrupt the creative industry. The platform works by creating a network where people, especially designers, can access top GPU without paying the full price. It does that by decentralizing processing power using the blockchain technology.
Anyone with extra GPU power can share it with the network and earn a small fee whenever it is used. It is similar to Filecoin, a platform that disrupted the storage service industry.
Render Network has done well because it is often seen as the blockchain version of Nvidia, the biggest semiconductor company in the world. Still, it is unclear how many people are using its technology in their creative work. Also, it is not clear the number of nodes in the platform.
In most cases, financial assets tend to move in association. For example, many artificial intelligence stocks like C3.ai, Palantir, and Nvidia jumped this year following the launch of ChatGPT. Similarly, many solar energy stocks have plunged as investors worry about the industry’s growth.
Render Token price forecast
The daily chart shows that the RNDR crypto price has done well in the past few weeks. It has risen from a low of $1.2643 to almost $2. The token recently rose above the important resistance level at $1.6578, the highest point on September 21st. It has also jumped above the 25-day and 50-day moving averages and the 50% Fibonacci Retracement level.
Therefore, the outlook for the token is bullish, with the next level to watch being at $2.20, the highest swing in February. This view will be confirmed if it moves above the 61.8% Fibonacci Retracement level at $1.96. The stop-loss of this trade will be at $1.65.
