Why Render (RNDR) is the Hottest Crypto in the Rendering and Metaverse Space
Render (RNDR) is a cryptocurrency that powers a decentralized network of GPU-based rendering nodes. It allows anyone to use the power of cloud computing to create photorealistic 3D graphics, animations, and virtual reality content. Render is backed by some of the leading names in the entertainment industry, such as J.J. Abrams, Ari Emanuel, and Bad Robot.
Render has been on a strong uptrend since the beginning of November, reaching a new all-time high of $3.19 on Nov 15. The price has increased by more than 300% in the last month, outperforming the broader crypto market. Render has also seen a significant growth in its network activity, with over 1.5 million RNDR tokens burned in October.
One of the main drivers of Render’s rally is the increasing demand for its services from various sectors, such as gaming, film, architecture, and education. Render has partnered with several platforms and projects, such as Epic Games, Unreal Engine, OTOY, and The Metaverse Group, to provide high-quality rendering solutions. Render has also announced that it will launch its own metaverse, called RenderVerse, which will be a fully immersive and interactive 3D world powered by RNDR.
Render’s technical indicators suggest that the bullish momentum is still strong and that the price could continue to rise in the near future. The daily chart shows that Render is trading above the 50-day, 100-day, and 200-day moving averages, which are all sloping upwards. The relative strength index (RSI) is above 70, indicating overbought conditions, but not yet showing any signs of divergence. The MACD histogram is positive and increasing, while the signal line is above the zero line. These indicators imply that the buyers are in control and that the price could break above the $3.20 resistance level and target the next psychological level of $4 before reaching another ATH (All Time High) to go passed $8.
