The Render Token price has made a spectacular rebound in the past few days. The RNDR token is trading at $3.03, the highest since February 17th. It has jumped by about 52% from its lowest level this year. As a result, its total market cap has jumped to $472 million, making it the 159th biggest cryptocurrency globally.
What is the Render Network and RNDR?
Render Token, commonly known as RNDR, is the native token for the Render Network. This is a highly ambitious platform that seeks to solve the challenge of the high computation cost. For example, the average of the most advanced Graphical Processing Unit (GPU) by Nvidia is more than $1,000, making it highly expensive.
Render Network’s technology allows people to share their free GPUs through a decentralized model. Renters of their free GPUs are paid using the RNDR token. The token is also used to power the rendering on the network.
According to the developers, the platform will play an important role in the fast-growing metaverse and non-fungible tokens (NFTs) industries. For example, metaverse developers with a huge need for complex graphical processing can use the platform to save money. The white paper states:
No system has existed that scales rendering speed across many dimensions of work in order to allow content creators to tap the vast pool of graphics card from an online network. Imagine the possibility of in a world where physically correct rendering tasks are completed quickly and efficiently using blockchain technology that is fast and secure.”
Render Token is now offered in leading platforms like Coinbase and Binance. It has also been integrated with Solana and Metaplex. Still, it is too early to determine whether the Render Network will succeed. While GPU equipment is expensive, I think that many developers will opt to buy their equipment.
Render Token price prediction
The four-hour chart shows that the RNDR token has been in a strong bullish trend in the past few days. Unfortunately, this performance has coincided with the overall performance of Bitcoin and other altcoins. As a result, the token has moved above the 25-day and 50-day moving averages and formed a small inverted head and shoulders pattern.
Therefore, the coin will likely keep rising in the coming days as cryptocurrency momentum continues. If this happens, the next key resistance level to watch will be at $3.50, a psychological level.