Render Token (RNDR) price continued its remarkable rally as demand for cryptocurrencies jumped. The coin has been one of the top-performing coins this year as it jumped from last year’s low of $0.3755 to a high of over $3.10.
Why RNDR token has jumped
Render Coin price has been one of the best-performing cryptocurrencies this year as the artificial intelligence (AI) craze has accelerated. AI has led to a huge demand for more computing power, which has been a good thing for companies like Nvidia.
Nvidia, which manufactures quality GPUs, has grown to become one of the biggest companies in the world with a market cap of over $1.2 trillion. And on Wednesday, Microsoft announced that it will build its custom GPUs.
Render has benefited from all this because of its goal. For starters, Render is a platform that offers distributed GPU rendering services. Instead of spending thousands of dollars on GPUs, the network makes it possible for anyone to share their network.
RNDR price has also jumped because of its recent transition from Ethereum to Solana. Solana, one of the leading blockchains, is known for its superior speeds and lower costs than Ethereum.
It can handle over 2,000 transactions per second (TPS) while its fees are much lower. Ethereum, on the other hand, is known for lower speeds and high transaction costs in the platform.
Render’s jump mirrors the performance of Solana and other big players in the ecosystem. SOL has jumped to over $65, the highest point in months. Other top players in Solana like Bonk, Rydium, and Solendhave all soared.
Further, Render Network is also having an important community vote to decide whether it moves for further technical and infrastructural review by Render Network Foundation. This proposal is becoming popular, with most people voting for it.
24 hours left to vote on RNP-007!
✅You can vote on RNP-007 on Nation using RENDER SPL Tokens: https://t.co/4Esob0Rdd1…
✅And on Snapshot using RNDR ERC-20 tokens: https://t.co/IRGt0S6y7Q…[1/2]
— The Render Network (@rendernetwork) November 15, 2023
RNDR token has also jumped because of the ongoing cryptocurrency rally. Bitcoin is now sitting at its highest point this year. The total market cap of all digital currencies has jumped to almost $1.5 trillion.
Render Token price forecast
RNDR chart by TradingView
The daily chart shows that the RNDR crypto token has been in a strong uptrend in the past few months. It has recently moved above the important level at $2.90, the highest point in May this year.
Most importantly, the token has formed a cup and handle (C&H) pattern. In price action analysis, this pattern is one of the most popular ones in the market. RNDR has jumped above the 50-day 100-day moving averages.
Therefore, the outlook for the token is bullish, with the next level to watch being at $5. However, the coin will likely see some consolidation or a pullback as it forms the handle section of the C&H pattern.
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