What is Next for Render Token (RNDR) after Noteworthy 50% Price Surge?

2023-06-01, 03:35

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/blog/1679447253155655279redian.jpeg)
## [TL; DR]
The Render Token is a native utility cryptocurrency for the Render Network, a decentralized platform that enables people to rent and access distributed GPU power.

Analysts predict that the RNDR price will range between $2.82 and $3.89 in 2025.

Recently, the price of RNDR rose by 45% showing its worth as an investment asset.

## Introduction 
Many cryptocurrencies were bullish during the first quarter of 2023 as many investors anticipated a positive global economic outlook. Interestingly, there were no prominent negative events such as hacks during that period. Instead, there were interesting developments in the crypto sector such as the introduction of BTC NFTs, <a href="/pt-br/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Ordinals, and the [launch of the Shanghai Ethereum upgrade](https://www.gate.io/blog_detail/2108/everything-about-the-shanghai-upgrade-and-how-to-learn-more-on-gateio "launch of the Shanghai Ethereum upgrade"), among others. This post covers the performance of Render Token (RNDR) since its inception.

## The value of Render Token (RNDR) jumps by 45% 
The Render Token is one of the cryptocurrencies that has posted impressive results in May. In fact, its price rose by 45% within the second week of May. Its performance shows that bulls are in control in the RNDR market.

Let’s look at the specific [RNDR price](https://www.gate.io/price/render-rndr "RNDR price") movement since April this year. On 28 April RNDR broke above the $2.10 resistance level as it reached a yearly high of $2.41. From there it  seemed to surge towards the next important resistance level, $3.10. Unfortunately, it failed to keep the momentum as its value tumbled below $2.10, resulting in a bearish  market outlook.  The following graph shows the Render Token’s price movements for the past 90 days.

![](https://gimg2.gateimg.com/image/article/16855902672941685590208_.pic.jpg)

As <a href="/pt-br/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a> indicates, RNDR was in an uptrend for the greater part of the period. In fact, its momentum increased significantly from 4 April to the present time.

Specifically, from 26 April onwards the $2.10 became the new support level for Render Token. More importantly, around that period several technical indicators showed that the market was in a bullish trend. For instance, the Relative Strength Index (RSI), one of the most trusted technical indicators, had a reading above 50.

When the RSI reading is above 50 it is a bullish signal. However, if it is below 50 it shows a bearish market momentum. Basically, the RSI indicator shows whether the cryptocurrency is in an overbought or oversold market condition.

The Eliot Wave theory also gives a good clue on the direction a cryptocurrency or other investment assets will likely take. In our context, the Render Token completed 5 five-wave upward movement in March before it settled at the 0.5 Fib retracement support level within the territory of wave four. The following graph shows the trajectory which the Render Token experienced during March.

![](https://gimg2.gateimg.com/image/article/16855903092951685590219_.pic.jpg)
RNDR/USDT 12-Hour chart - Tradingview

As observed, the diagram shows that [RNDR](https://www.gate.io/trade/RNDR_USDT "RNDR") was set for another sharp upward movement into a long-term wave three. With that thrust the RNDR looked set to reach the $3.10 support resistance level. However, as the 90-day graph shows, the Render Token did not breach that resistance level. Instead, it reached a high of $2.83 as the next graph indicates.

![](https://gimg2.gateimg.com/image/article/16855903372961685590230_.pic.jpg)
RNDR Price Performance - CoinGecko

## What is the Render Token (RNDR)?
Before we take a full analysis of the Render Token’s price history let’s understand what RNDR and RNDR network are. The Render token (RNDR) is the native cryptocurrency of Render Network, a decentralized platform that enables individuals and organizations to access distributed GPU power required for computer graphics.

Thus, RNDR is a utility token for the marketplace for renting and purchasing GPU resources necessary for rendering 3D scenes, videos and other graphical tasks. Individuals can rent their unused GPU power which projects that <a href="/pt-br/price/render-rndr" target="_blank" class="blog_inner_link">Render</a> visual effects and Motion Graphics may need. Therefore, RNDR functions as a means of exchange within the Render Network.

Founded in 2016 by Jules Urbach and based on the <a href="/pt-br/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain, the Render Network aims to promote computer graphics using the blockchain technology. Currently, there is a plan to use the <a href="/pt-br/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> blockchain as well to make its service reach many individuals and projects.

It is also important to note that RNDR, launched in 2020, is available on many crypto exchanges including Gate.io. As well, since RNDR is based on the Ethereum blockchain it is a token rather than a coin.

## RNDR Price history 
When RNDR was introduced on the market in June 2020 its price was $0.04677. However, it attained a lower value of $0.2699 in August. For the rest of 2020 RNDR experienced peaks and troughs. Once again, it picked momentum in 2021 when it attained a new all-time-high (ATH) of $2.50 in March 2021. Sadly, in June of the same year its price fell below $0.50 and  never recovered until November when it attained a new ATH of $8.76.

Nonetheless, the Render Token could not maintain the bullish momentum as it lost value again to close the year at $4.61. Although 2022 started on a good note for RNDR whose value shot to $5.44 on 4 January, it lost steam again, closing at $1.81 on 24 January.

The pulsating ups and downs of the Render token continued until the end of the year. It usually gained much when there were significant events such as listing on a new exchange. For example, RNDR attained a value of $4.17 when it was listed on Coinbase exchange in 2022.

Nevertheless, its price dropped to $0.2984 on 19 June 2022, before it attained a high of $0.7927 on 13 August 2022. From that time until 13 October, its value fluctuated between $0.372 and $0.7927. The news of its listing on the crypto banking app Revolut pushed its value to $1.14 on 6 November 2022. Sadly, the unfortunate collapse of FTX forced the price of the token to nosedive and close the year at $0.4025.

Like most cryptocurrencies, 2023 started on a positive note for RNDR whose value fluctuated between $0.9011 and $2.18 from 7 February till the end of April. However on 8 May its value fell to $1.98 and never recovered until 13 May when it attained a price of $1.76. From that date onwards RNDR had been on an uptrend until the time of writing when it had a value of $2.82 as shown in the following graph.

![](https://gimg2.gateimg.com/image/article/16855903942971685590242_.pic.jpg)
RNDR Price - CoinGecko

## Price prediction of render Token
Now, let’s analyze the potential performance of RNDR for the next 11 months. Our first predictions come from [CryptoPredictions.com](https://cryptopredictions.com/render-token/ "CryptoPredictions.com") which estimates that the value of RNDR will be around $2.36 by the end of 2023 and $2.16 by close of 2024. It also predicts that the price of Render Token will be $2.42 in August 2025.

Next, [CaptainAltCoin](https://captainaltcoin.com/render-token-rndr-price-prediction/ "CaptainAltCoin") estimates that the price of RNDR will be $1.32 in June 2023. However, it contends that it will rise to $3.89 in 2025.

Finally, [WalletInvestor  indicates](https://walletinvestor.com/forecast/render-token-prediction "WalletInvestor  indicates") that RNDR will face tough times throughout 2023 and 2024. As a result, it estimates that the value of Render Token will drop to around $0.211 by April 2024. Read also Gate’s price [predictions for Render token 2023-2030](https://www.gate.io/price-prediction/render-rndr "predictions for Render token 2023-2030").

## Conclusion 
Since its inception in June 2020, the Render token has been experiencing price peaks and troughs. However, it attained an all-time-high of $8.76 in November 2021. It has a current price of $2.82 and shows bullish momentum. Some experts predict that RNDR will have a value of between $2.82 and $3.89 in 2025. Crypto investors [can buy Render tokens](https://www.gate.io/how-to-buy/render-rndr "can buy Render tokens") on [Gate.io](https://www.gate.io/how-to-buy/render-rndr "Gate.io").

## FAQs about RNDR token
### Can RNDR reach $100?
The long term analysis of the Render Token shows that it has the potential to reach $100 between 2035 and 2040. In the short term, RNDR is likely to reach $3.84 at the end of 2023 and $5.68 by the end of 2024.

### What does RNDR token do?
The Render Token, also called RNDR, is a utility token for the Render Network used for making payment for motion graphics, animation as well as VFX rendering. The Render Network is a protocol that allows individuals to rent or access decentralized GPU power.

### Does RNDR have a future?
RNDR has a good future since it powers a platform that offers decentralized GPU which is a service in high demand. The growth of the metaverse and graphic solutions will lead to an increase in the demand of Render Token.

<a href="/pt-br/price/ankr-ankr" target="_blank" class="blog_inner_link">ankr crypto</a>
According to the current market sentiment the value of RNDR is likely to be around $57.67 in 2030. However, if it does not get much support between now and 2030 it will have a price of around $50.09.

### What is the price prediction of RNDR in 2024?
The price of RNDR should be around $5.68 by the end of 2024. Considering the RNDR’s current price of $2.82 it can reach the value of $5.68 if market conditions are favourable.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

İçerik

Credit Ranking

Complete Gate Post tasks to upgrade your rank