RNDR Shoots Massively by 28%. What’s Driving the Bullish Momentum?
The native token of the Render Protocol is on a wild ride, reaching a new yearly high of $3.20, the highest price in almost 600 days. Also, given the ongoing momentum, RNDR might reach the $4 mark faster.
This unexpected increase has captivated market enthusiasts and left analysts scrambling to dissect the driving forces behind its rapid ascent.
RNDR Recent Price ActionThe RNDR price has recorded a dramatic surge since the start of September. In just 60 days, it went up by more than 125%. Around the beginning of October, the altcoins exceeded $2.20, a critical level supporting RNDR's price since March 2021.
After RNDR successfully broke above $2.20, the token price increased even faster this week, reaching $3.20 today, November 16. According to CoinGecko, the coin has gained over 25% in the past 24 hours, with a 27% and 25% seven-day and 14-day price increase, respectively.
The buyers sustained this bullish sentiment in the longer timeframes, indicating that the rally may last longer. Interestingly, RNDR has maintained a steady 65% growth over the past month, suggesting buyers have dominated the market.
This bullishness has attracted more investors, who are preparing to take the price even higher.
RNDR Price Analysis: Will it Reach $4?
The recent surge in the coin's price to $3.20 after prolonged fluctuation suggests a noteworthy shift in market sentiment.RNDR's current value surpasses the Simple Moving Average (SMA), indicating a positive trend.
Notably, the 20-day SMA ($2.44) can act as support, which will likely keep the price from falling below.
This bullish momentum is further supported by a Relative Strength Index (RSI) of 80. This signifies overbought conditions but also suggests strong buying interest.
Given these indicators and the coin's recent performance, it could breach the $4 mark in the coming days.
But if the bears outshine the bulls, the price may lose value and drop to the $2.1 support level. The sustained surge and the technical indicators aligning in favor of an upward trend suggest a robust bullish momentum.
However, monitoring the market closely for any potential fluctuations that may influence the coin's trajectory is essential.
RNP-007 Proposal Sparks Bullish MomentumThe observed surge in value may be due to a notable uptick in community enthusiasm surrounding the RNP-007 Proposal. This proposal aims to unveil the FEMDL Innovation, a cutting-edge computing client and platform.
Essentially, FEMDL empowers developers and enterprises to monetize their large language models (LLMs) effortlessly and cost-effectively monetize their large language models (LLMs) and other generative AI applications.
Render, as a platform, has been actively putting forth various proposals. The potential implications of incorporating this AI advancement have gotten a large number of affirmative votes.
24 hours left to vote on RNP-007!
You can vote on RNP-007 on Nation using RENDER SPL Tokens: https://t.co/4Esob0Rdd1...
[1/2]
- The Render Network (@rendernetwork) November 15, 2023
Community members are optimistic about the transformative effects of FEMDL, leading to an overwhelming show of support in the voting process, which ends today.According to Snapshot.org data, 91.34% of the total 33,000 RNDR tokens voted in favor of the proposal.
In contrast, a minimal 8.66% (equivalent to 3.1K RNDR tokens) expressed dissent by voting against the proposal. This significant mandate reflects the community's collective belief in the promising prospects associated with introducing FEMDL Innovation on the Render platform.
Render Protocol Top Alternative: Bitcoin ETF
>>>Visit Bitcoin ETF Token Presale
Many investors have cashed out massively amid the ongoing broader crypto market uptrend. Most of their investment has been in low-cap projects or upcoming ones like Bitcoin ETF.
This is because new projects tend to offer more returns on investment than older projects.
Bitcoin ETF is a new project that is currently in the presale stage. Investors are rushing this token, hoping for huge returns when the token launches on exchange. Bitcoin ETF has raised more than $800,000 in the presale.
According to the site, they aim to raise over $1.2 million in this presale stage.
BTCETF Deflationary Features: Fueling Excitement in Presale with Unique TokenomicsThe excitement around BTCETF's presale comes from its unique deflationary features. BTCETF has three main ways of reducing its supply. First, a 5% tax on all transactions takes away a tiny part of each transfer.
This tax goes down by 1% when BTCETF reaches important milestones, encouraging people to keep it for the long term. Second, 5% of the total BTCETF supply will be burned at each of the five presale milestones.
With 2.1 billion tokens starting, 25% of the supply will be permanently removed during the presale. These measures are designed to make BTCETF more valuable over time. Moreover, BTCETF gives staking rewards with a high APY of over 1,600%, which will encourage people to stake their tokens for a long time.
Importantly, this helps keep prices steady when BTCETF is listed on exchanges by discouraging quick selling.These strategies aim to make BTCETF more valuable over time, as lower supply and high demand could boost its price.
That's why there's a lot of excitement around BTCETF, even though it's just a few days old. With that in mind, investors can rush to the presale site now to purchase the token.
Remember, there are less than four days left. You can buy the token using either ETH, USDT, or a card.
The post RNDR Shoots Massively by 28%. What's Driving the Bullish Momentum? appeared first on The Tech Report.