Render Token (RNDR) has weakened more than 50% since February 16, falling from $2.15 to a low of $1.04. The current price of RNDR stands at $1.12, which is more than 70% off from its 2022 highs that were registered in February.
But where is the price of Render Token (RNDR) going next, and what can we expect from the rest of March 2023? Today, Crypto Lists will discuss this price estimate from a technical and fundamental analysis perspective.
Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Project that scales rendering speed
- 2 Silvergate Bank is winding down operations
- 3 Technical analysis for Render Token (RNDR)
- 4 Important support & resistance levels for Render Token (RNDR)
- 5 What speaks for the rise in the Render Token (RNDR) price
- 6 What indicates further downfall for Render Token (RNDR)
- 7 What do analysts and experts say?
Project that scales rendering speed
The Render Network is one of the leading providers of decentralized GPU-based rendering solutions that revolutionize the digital creation process. Rendering transforms a 2D or 3D computer model into a photorealistic image or scene.
Occurring in the background of many processes in our techinvolved lives, rendering is how our smartphones and computers constantly present the images, videos, and games that make our lives easier or more enjoyable. The Render Network puts the power of GPU rendering at your fingertips, at a fraction of the cost of in-house rendering, and hardware limitations should not be what keeps you from being a part of the new digital renaissance.
The Render Network connects users that seek to perform render jobs with people who have idle GPUs to process the renders. Owners connect their GPUs to the Render Network in order to receive and complete rendering jobs using OctaneRender, and once they’ve registered their idle GPUs on the Render Network, these GPU owners become “Node Operators.”
Node Operators earn RNDR Tokens by accepting jobs from users in need of rendering work, who send their files to the Render Network. The team behind the Render Network said:
“Our visual world is evolving at breakneck speed, and the future demand for advanced rendering will lead to even more complexity and require higher resolution and more interactivity. Everything is becoming more virtual, from people on the street glued to their smartphones to engineers producing new realities, augmented and virtual, that allows us to immerse ourselves in new computer-generated worlds. We have innovated the system that scales rendering speed across many dimensions of work in order to allow content creators to tap into the vast pool of graphics cards from an online network.”
RNDR is the utility token of the Render Network that is used to pay for animation, motion graphics, and VFX rendering on the Render Network. RNDR is an ERC-20 token, and it is important to mention that all RNDR payments are stored in escrow during rendering, and are released to node operators upon verification.
The beginning of the 2023 year has been very successful for Render Token (RNDR); however, the trend has changed in the last several weeks. The price of the Render Token (RNDR) has collapsed since February 16, and the risk of further decline for RNDR is not over.
Silvergate Bank is winding down operations
Fundamentals of Render Token (RNDR) are strongly tied to the overall cryptocurrency market, which remains under pressure after the popular crypto-centered financial institution Silvergate Capital announced last week that it’s experiencing operational issues.
Silvergate Capital Corporation, the holding company for Silvergate Bank, announced yesterday its intention to completely wind down operations. In its press release, Silvergate Bank stated that it would be voluntarily undergoing liquidation, but all customer deposits would be fully repaid.
This news pushed the cryptocurrency market into yet another spiral amid growing fears that could cause a domino effect, and traders should keep in mind that the crypto selloffs could gather speed if Bitcoin falls below the $20,000 mark again.
Edward Moya, the analyst at OANDA, said that Silvergate’s decision is “bad news” as the bank was used by many companies, which brings risks of further negative effects in the industry. Bitstamp, Coinbase, Crypto.com, Paxos, Circle, and Galaxy Digital, took it to publicly sever their relationships with Silvergate Capital. Edward Moya added:
“One thing the cryptoverse lacks is banks willing to take on crypto exposure. “Contagion risks remain elevated, and that could keep cryptos heavy over the short term.
Another negative news is that the Federal Reserve will probably continue with aggressive monetary policy, which could dent even more sentiment on the cryptocurrency market. US monthly payrolls and consumer prices data in the coming days will further help investors to figure out what to expect from Fed’s March 21-22 meeting.
Technical analysis for Render Token (RNDR)
Render Token (RNDR) has weakened from $2.15 to $1.04 since February 16, 2023, and the current price stands at $1.12. Render Token (RNDR) might have a hard time holding above the $1 level in the upcoming days, and a break below this level would indicate that RNDR could probably test the price level at $0.80.
Important support & resistance levels for Render Token (RNDR)
On this chart (the period from July 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Render Token (RNDR) has collapsed from its recent highs above $2, but if the price advances again above the resistance that stands at $1.60, the next target could be $1.80.
The important support level is $1, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.80. If the price drops below $0.80, which also represents an important support level, the next target could be located around $0.60 or even below.
What speaks for the rise in the Render Token (RNDR) price
The upside potential for Render Token (RNDR) probably remains limited for the rest of March 2023; still, if the price advances above the resistance that stands at $1.60, the next target could be at $1.80. Traders should also consider that the price of Enjin (ENJ) is correlated with Bitcoin, and if the price of Bitcoin jumps above the $23000 level, we could see RNDR at higher price levels.
What indicates further downfall for Render Token (RNDR)
The sentiment on the cryptocurrency market fell again, pressured by the news as the Silvergate Bank stated that it would close its operations. The latest inflation data from the United States also indicates that the Federal Reserve is likely to push further into the restrictive territory, and because of this, the consensus appears that the price of RNDR could drop even more in the upcoming days.
The price of RNDR is currently above the important support level that stands at $1, but a break below this level would indicate that RNDR could probably test the next support level, which stands at $0.80.
What do analysts and experts say?
Render Token (RNDR), like many other cryptocurrencies, remains under pressure after the Silvergate Bank announced that it would close its operations. Edward Moya, the analyst at OANDA, said that Silvergate’s decision is “bad news” as the bank was used by many companies, which brings risks of further negative effects in the industry.
Bitstamp, Coinbase, Crypto.com, Paxos, Circle, and Galaxy Digital, took it to publicly sever their relationships with Silvergate but reported that customers’ funds are safe. Analysts and experts also warn that the US central bank might raise interest rates by 50 bps this month, which is negative for the prices of stocks and cryptocurrencies.
The US central bank will have its meeting on March 21, and Quincy Krosby, Chief Global Strategist for LPL Financial, said that if inflation continues to climb, there could be enough voting members to push for a 50 basis point move.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.