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Render Token analysis – How Apple is helping the price of the altcoin

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The price of the Render Token (RNDR) has been one of the absolute outperformers among the Altcoins in the past trading days. Year-to-date, the RNDR price has appreciated a staggering 340 percent. In the last 24 hours of trading, the price barometer shows a premium of 25 percentage points at the time of writing. One reason for this is certainly the Cooperation with Apple. Render offers film studios the opportunity to render videos cost-effectively with its in-house Okta network and has now expanded the supported hardware to the iPad Pro and MacBook Pro. In addition to classic desktop computers with dedicated graphics cards, users of Apple devices can now also participate.

Since customers can only pay for the required computing power with the render token, the cryptocurrency has a real-world use case. Another plus is that the in-house Okta-Chain can be connected to all important video editing plugins in Adobe Premiere. Looking at the chart, the RNDR price is currently trying to break through the price-limiting red uptrend line. Although the RNDR price has entered an important target area in the short term, if the blue zone between US$1.70 and US$1.80 can be broken, further upside potential should be planned. Due to its unrivaled product, Render Token still has further price potential with a total market capitalization of 253 million US dollars. Despite the massive price jump in the last 30 days, the RNDR token is still 79 percentage points below its all-time high from November 2021. As long as the RNDR price does not fall back below the green support area around USD 1.00, the bulls have the upper hand in the hand.

Price Analysis Render Token (RNDR) 02/02/2023
Course analysis based on the pair of values RNDR/USDT on Kucoin

Bullish price targets: $1.81, $1.98, $2.25/2.35, $2.67, $3.10, $3.38, $4.20, $5.47, $6.14/ $6.65, $7.90, $8.82

RNDR: Bullish price targets for the coming months

The course of the render token currently knows no stopping. Should the bulls succeed in confirming the breakout above the price-limiting red trendline and then breaking through the upper edge of the blue resistance area at $1.81 by the end of the day, the focus should be further north. Then the $1.98 mark comes into focus. This price level acted as key support earlier in the year and may now be resistance. If the buyer side manages to overcome this area despite short-term profit-taking, the turquoise zone will be activated as a rise area. With the 161 Fibonacci extension of the current movement and the golden pocket of the entire overall trading range between the all-time high and the low of the previous year, there are several strong resistance marks here. The zone between $2.25 and $2.35 is the next key target area for the Render Token. Increased profit-taking is to be expected here. As long as the RNDR price does not break back below $1.75, the consolidation should only be temporary.

The chart image continues to brighten

If the turquoise area is then also overcome, the RNDR course should penetrate directly into the red area via an intermediate stop at US$ 2.67. In the zone between US$ 3.10 and US$ 3.38, the bulls failed several times in the spring of last year. Only when this area has been breached sustainably will there be new price potential up to the higher-level 78 Fibonacci retracement at US$ 4.20. Again, investors should cash in here. Only if the overall market also increases significantly and the Bitcoin price marches towards USD 32,000 could the RNDR price continue to pick up speed and start up to USD 5.47. This resistance represents the next overarching price target for the Render Token. This would also put the buyer camp in focus of the purple resistance area between $6.14 and $6.65. Whether the RNDR price will reach and overcome this long-term target also depends not least on the development of the Nasdaq and, in particular, on the Adobe share price itself. The maximum price target for the Render Token can be seen at $7.90. In the past, the RNDR price was never able to overcome this chart mark on a daily closing price basis.

Bearish price targets: $1.55, $1.34, $1.19, $1.03/0.92, $0.86/0.80, $0.62, $0.53, 0.43/0.35 USD

RNDR: Bearish price targets for the coming months

If the bulls can already cap the RNDR price in the blue resistance area and subsequently sell back below the red trendline, the correction is likely to extend to at least $1.55. If this price mark is undercut, the support at 1.34 US dollars comes into view. This breakout mark should now have a supportive effect on the price. If, on the other hand, Render Token falls back below this price level, a first directional decision is made at around 1.19 US dollars. If, contrary to expectations, the bulls remain abstinent here, the correction will extend to the important green support zone between USD 1.03 and USD 0.92. The bulls must be there to avoid stalling the trend.

New entry opportunities for the buyer side

The super trend in the daily chart is also currently running here. A counter-movement to the north is very likely. Only if the rest of the crypto market should also correct significantly could the RNDR price fall into the orange zone between USD 0.86 and USD 0.80. However, until the price returns here, the important 200-day moving average (EMA200) (blue) should also act as support in this zone. If bitcoin price continues to decline in the coming period and slips well below the key support at $19,000, Render Token could also break back towards the parent 23 Fibonacci retracement at $0.62. With that, the bullish scenario would be off the table and the RNDR price could subsequently correct to the maximum bearish target price of $0.53. From the current perspective, a relapse below this support level is not to be expected in the near future.

Looking at the indicators in the daily chart, a first consolidation in the coming days should not come as a surprise. In particular, the RSI indicator is clearly at the limit. In the weekly chart, however, the RSI as well as the MACD indicator also show stable buy signals and also offer room for a further increase to the north in the coming trading weeks.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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