Render token (RNDR) price is having a great year. RNDR token has become one of the best-performing cryptocurrencies in 2023. Since the start of the year, the price has surged nearly 620%, which is one of the biggest moves in the major cryptocurrencies.
At the time of writing, the Render token price is trading at $2.83, which is just a few cents below its yearly highs. On Friday, the RNDR price had a 4.5% surge as the BTC price also showed a positive price action. The latest analysis suggests that the ongoing price rally is about to reach its climax.
Render Token Launches New Site
Render token aims to decentralize GPU-based rendering solutions. It aims to serve the future rendering needs of advanced applications like Metaverses, NFTs, and other such digital creations. RNDR token is the native asset of the Render network, which can be used to pay for using rendering services.
According to the latest Render news, the team has launched a new Render Foundation website. The announcement was made on Twitter. As per Coingecko, due to a surge in Render token price, its market capitalization has exceeded $1 billion.
Render Token Price Rally May Stop Soon
The daily chart of RNDR token depicts a massive surge since the start of the year. The price has increased more than six times during this time. However, the indicators are getting overextended and are pointing toward a pullback soon.
Render token price prediction will flip extremely bullish if it breaks above its $3.30 resistance. The Relative Strength Index (RSI) and the Money Flow Index (MFI) are showing bearish divergences suggesting a possible end to the ongoing rally.
I’ll keep sharing my RNDR and other trade setups in my free Telegram group, which you’re welcome to join.