Render Token (RNDR) is quite an interesting project that has been attracting a lot of attention. It works as a distributed GPU rendering network built on Ethereum, and its goal is to connect artists and studios in need of GPU computing power.
The token has been around since mid-June 2020, launching with a price of $0.053. Over the next six months, it had a few surges, one of which took it to the price of $0.26, which was a huge advancement for the token at the time. However, once 2021 came, the project’s price exploded, making all previous growth seem like a flat line in comparison.
RNDR price explodes in 2021
During the first month and a half of 2021, RNDR price was relatively calm, fluctuating between $0.1 and $0.15. However, in the second half of February, it started to see steady growth which took it to $0.41 in mid-March.
After that, the token saw several rapid jumps up, which resulted in it reaching $2.5 by March 27th. After that, the project saw a price correction, and with the crypto price crash in mid-May, it lost any hope of climbing to previous levels until the bear market ends. For most cryptocurrencies, the bearish market stopped on July 20th, and the coins started skyrocketing immediately.
RNDR, on the other hand, only saw a weak, albeit steady price increase that actually started a month earlier, on June 22nd. The growth led the token to the height of $1.6, which it reached exactly two months later, on the 22nd of August.
The token then corrected to $0.88, seeing small fluctuations between this level and $1. This lasted until November 1st, when RNDR got drawn into the largest surge of 2021. The rally took Bitcoin nearly to $70k, while RNDR itself reached an all-time high at $7.77. The interesting part is that RNDR reached this level on November 20th, while most other coins crashed about 9 days earlier, on November 11th, when the bears took over the market.
Render Token did follow the rest of the market in late November, however, dropping to $3.5 by December 10th. Then, as the holidays approached, the token surged once more but was stopped by a resistance at $6 on December 23rd. It dropped again after that, ending the year with a price of $4.6.
RNDR price continues to drop in 2022
As 2022 started, RNRD briefly stopped its price drop, originally sitting at $4.7, and then recovering slightly to $5.3 on January 4th. However, the bear market continued to squeeze the money out of the crypto industry after that, and RNDR kept sinking until it reached its bottom at $2 on January 22nd.
After several days, it started growing again as the bulls took over in late January, reaching the resistance at $4 on February 2nd. It did not manage to breach this level, and instead, it spent about a week fluctuating between this resistance and a support at $3.5.
The support finally got broken on February 8th, and the token sank to its next big support at $2.5, from which it surged over the last three days, reaching the peak of this rally earlier today, February 16th, at $3.42. After that, it corrected slightly, dropping to the price of $3.17, which is where it sits at the time of writing.
To learn more about this token visit our Investing in Render Token guide.
The post Render Token (RNDR) Price Grows by 8%, Pushes the Token Past $3.40 appeared first on Securities.io.
