The fundamentals and technicals are looking aligned!
In case you’d forgotten why we’re so bullish on Render’s long-term potential, allow us to jog your memory:
The Render Network is the leading provider of decentralized GPU-based rendering solutions, revolutionizing the digital creation process (whether for films, gaming, or crucially, the metaverse).
Why render your graphics on the Render network?
Easy. Because the future is being built today, and hardware limitations shouldn’t keep you from participating in the next big thing: the digital renaissance! Render unleashes the full power of GPU processing and puts it at your fingertips. Best of all, it does it at a fraction of the cost (and speed!) of rendering ‘in-house’.
So, how’s the chart looking today?
In a word, beautiful!
The RNDR price rose from $0.60 in March 2021 to $8.77 by November 2021: an increase of 1,350% in only eight months! But the hype soon died down, and, along with the rest of the crypto market, RNDR’s price has endured a slow “bleed” ever since, reaching a low of $1.80 on 24 January, 2022.
But here’s the good news: we saw an impressive “bounce” beginning around the 24th of January, which kick-started a massive recovery to $3.76 or (110%) in the last week alone. Further, RENDR has broken (and is currently retesting!) a resistance trendline that began way back in November, 2021.
Pay attention to the key resistance and take-profit zones (the red lines!) in case of a strong move to the upside, sitting at the $4 region, $5 region, and the 0.618 Fib retracement level at the $6 mark.
Overall though, this one looks promising: Render’s decentralized GPU-processing solution is a game-changer, and with a metaverse explosion on the horizon, its use-case is practically unlimited. In the short term, we could see a move to the upside (remember to take profit!). And as always, not least in these market conditions, keep a tight stop-loss in case the downtrending support line is lost.