Render Token (RNDR) is a decentralized GPU rendering network that allows users to exchange GPU power for digital content creation. RNDR is powered by the Ethereum blockchain and OTOY’s OctaneRender, a leading GPU-based rendering software. RNDR aims to democratize the access and distribution of high-quality 3D graphics and animations, as well as to enable new forms of immersive and interactive media.
RNDR Crypto Current Price Analysis
As of 19 Nov 2023, the price of RNDR is $1.83 USD, with a 24-hour trading volume of $180 million USD. This represents a 4% price increase in the last 24 hours and a 333% price increase in the past 30 days. RNDR has a market cap of $645.60 million USD, ranking it as the 49th largest cryptocurrency by market cap.
RNDR has a circulating supply of 374.24 million tokens, out of a total supply of 531.02 million tokens. The maximum supply of RNDR is 531.02 million tokens.
On weekly timeframe level the price action of $RNDR has squeezed out its Buy Side Liquidity level.
We have to wait for the weekly closure level to see the further movements, where as on daily timeframe level it shows the Imbalances which shows the Correction will take place.
The current price of RNDR is influenced by several factors, such as the overall market sentiment, the demand and supply of GPU power, the development and innovation of the Render network, and the news and events related to RNDR and its partners.
Weekly Price Analysis
The weekly price chart of RNDR shows that the token has been on a strong uptrend since the beginning of November, breaking several resistance levels. The token started the week at $1.40 USD on 13 Nov 2023, and reached a peak of $1.94 USD on 16 Nov 2023, marking a 38.6% increase in four days. The token then experienced a slight correction, dropping to $1.74 USD on 17 Nov 2023, before resuming its upward momentum and closing the week at $1.83 USD on 19 Nov 2023, with a 30.7% weekly gain.
The weekly price movement of RNDR was driven by several positive factors, such as the announcement of the migration to Solana, a fast and scalable blockchain platform, the launch of a comprehensive incentive program for node operators, the integration with Brave browser and Basic Attention Token (BAT), and the increased adoption and recognition of RNDR as a leading platform for GPU rendering.
Future Outlook
The future outlook of RNDR is optimistic, as the token has a strong potential to grow further in the coming months and years. The migration to Solana will enable RNDR to leverage the high performance, low cost, and interoperability of the Solana ecosystem, as well as to access new markets and users.
The incentive program will attract more node operators to join and contribute to the Render network, increasing the supply and quality of GPU power. The integration with Brave and BAT will expose RNDR to millions of users and advertisers, creating new use cases and revenue streams for the token. The increased adoption and recognition of RNDR will enhance its network effect and value proposition, as more artists and studios will use RNDR to create and distribute stunning 3D graphics and animations.
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