Render token (RNDR) price is looking very bullish due to a recent breakout. There has been a significant increase in the trading volume of RNDR since the start of the year. During this time, the coin has surged 285%, which makes it one of the top-performing cryptocurrencies.
On Tuesday, Render (RNDR) price surged for the second consecutive day of the week, rising by 4.38%. Till press time, the coin was trading at $1.55 after having a slight pullback from a fresh weekly high of $1.58. The positive price action can also be attributed to the soaring Bitcoin price, which has broken above $30,000.
In a recently concluded vote, the Render community has cited in favor of the protocol’s migration to the Solana blockchain. The proposal RNP-002 ended with 5.9 million RNDR tokens in its favor and 2.8 million against it. Another proposal RNP-003 was also approved with 56.51% votes in its favor. The Solana migration led to a surge in Render token price.
Render protocol is a provider of decentralized GPU rendering. The protocol aims to revolutionize the digital creation process and has a wide range of applications in NFTs and metaverse. RNDR token is the native asset of the ecosystem, which is required to use the protocol’s services.
Our technical analysis of the RNDR chart shows that the coin has broken out of the symmetrical triangle on the daily timeframe. This appears to be a very bullish breakout with a price target above $2. Currently, the price is retesting its March high of $1.59, which may act as a resistance.
A reclaim of March 2023 highs can send the price above $2 very soon. However, in case of rejection from this level, another retest of the trendline is also likely. As long as the price avoids a lower low on the daily chart, any pullbacks could be good buying opportunities.
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This post was last modified on Apr 11, 2023, 13:37 BST 13:37