Since October 13, the Render Token price has doubled, despite the past 72 hours being aggressively bearish. Today, with Render Token dropping by a percentage point at press time and extending a bearish trend that started in the late hours of Wednesday’s trading session, which has caused a 22 per cent price drop, intraday data shows a possible continuation of the bullish trend.
What is Render Token?
The Render platform was founded in 2016 to connect people who want to render graphics with those who have graphic processing units (GPUs). To achieve this, the platform allows users to contribute their unused GPU power from their homes to help projects render graphics and visual effects. In exchange, users who render their GPU power are rewarded with a Render token (RNDR), an ERC-20 compatible token that also serves as the platform’s utility token.
By allowing people to share their unused GPU power, the platform is able to not only address the technical barriers associated with the network computational systems but also meet the demand of users who may not be able to purchase their own powerful GPUs. These problems are also addressed effectively by using the decentralized system that is superior in tracing and managing render jobs.
Render Token Price Prediction
As seen above, the demand and utility for the Render platform services are high. The platform also solves one of the biggest network computational systems problems and allows users to share their unused GPU power. Therefore, despite being down by 84 per cent year-to-date, the current bullish push of last month may signal the start of a recovery.
Looking at the chart below, we can see the render token gained over 30 per cent in October. The chart also shows the Render Token price has risen by more than 20 per cent in the first five days of November. Therefore, my long-term Render Token prediction expects the current bullish trend to continue with a possible trade above the $1 psychological level. However, a drop below $0.65 will invalidate my bullish analysis.