The cryptocurrency industry is still deep in the bear market and any hope that the arrival of September will bring about a noticeable change has, at least so far, led to disappointment. Historically, the end of the summer has meant a significant shift in the behavior of the cryptocurrency market and this time around the bear market seems to never end, but rather to continue to push prices further down.
This also applies to Render Token (RNDR), a rather interesting project with great potential for the future of visual art in the digital world. Today we decided to take a look at the project, what it is, also its performance and forecasts for the future.
What is the Render Token?
Render Token (RNDR) is a distributed GPU rendering network. The project is based on the Ethereum blockchain and its purpose is to connect artists and studios that require large amounts of GPU computing power with its mining partners. The idea is that the project community would rent excess GPU capacity and receive payments in return.
Meanwhile, artists and studios requiring rendering power would be able to use it quickly, cheaply and efficiently to render their own artwork and other forms of content.
The project emerged as an idea way back in 2009, but was only launched in 2017. It held its public token sale in October 2017 and a private sale that lasted from January 2018 to May 2018. In total, it sold 117 , 8 million RNDR at a price of $ 0.25 per token, for a total of $ 29.4 million.
The project launched in beta around the time the private sale took place and began building a community which, in turn, helped build its test network. The project was finally ready for public launch at the end of April 2020.
Essentially, RNDR is an ERC-20 token used by artists within the Render Token network. Artists can use tokens to get GPU power from node operators, who act as GPU providers. The project uses a combination of manual and automatic PoW system, which they called proof of Render.
The system is used to check if the art has been successfully rendered before the payment is made and the art is released. The project also has access to the security properties of the Ethereum blockchain, being a member of its network, which allows it to hash all proprietary assets. Furthermore, all goods returned on the network are watermarked until the payment is delivered by the artists. At that point, the watermark is removed and the rendered artwork becomes available for download.
Render Token historical price performance
The first RNDR price data dates back to mid-June 2020, when the token emerged with a price tag of $ 0.053 per unit. The price has risen steadily over the summer, peaking on August 28, 2020, at a price of $ 0.26. Thereafter, it corrected again to around $ 0.1 and remained relatively stable for the remainder of the year.
The price of RNDR began to see a huge rise in early 2021, after Bitcoin’s previous bull run started to drive the altcoin market up as well. In the initial surge, the RNDR skyrocketed to resistance at $ 2.50 in mid-April 2021. However, as the rest of the cryptocurrency market plummeted about a month later, RNDR prices began to go down immediately after reaching this particular level.
By the time May 11 came and caused the sector-wide correction, the RNDR was already close to the low. He recovered slightly only to correct again, so it seemed like he wasn’t being affected too strongly. However, all of this performance, the slight fluctuations and even the $ 2.5 surge that occurred earlier were just a small example of things to come.
The RNDR began to accumulate price again at the end of June 2021 and, although it underwent another minor correction in late August, it rose on November 1st. For the next three weeks, the price of the token skyrocketed virtually non-stop until it finally reached its peak and an ATH which is its highest point to date: $ 7,782. After this result, which brought an RNDR almost 4 times higher than its previous ATH, the project finally surrendered to the bear market which took over the sector on November 11 and started to collapse.
By December 10, its price was halved, and although it returned to $ 6.1 just before Christmas last year, it then dropped again, leaving it at $ 4.6 at the end of the year.
Render Token price performance in 2022
The Render Token price did not have a particularly positive period in 2022. Throughout the year, the token has seen almost nothing but price drops. In the first week of January, the bear market actually eased for a while, so the token started the year with a rally that almost brought it back to $ 5.5. After that, however, a sharp drop took it to the $ 1.85 price by January 24, which is only about three weeks later.
Subsequently, the bear market took another small break which Render used to climb as high as $ 4, only to be stopped by resistance at this level. It then dropped back to support at $ 2.5, which actually managed to keep it from plunging lower until mid-April.
But after the support plummeted, the token continued to spiral until mid-June, finally taking it to $ 0.3.
Following this huge price slump, RNDR apparently found itself too undervalued, as it returned to $ 0.65 in late June and then fell back to $ 0.5 again. The project found its true bottom here and this level has served as support ever since, not allowing it to venture further down afterwards. It attempted multiple rallies and in August the bearish influence even eased for a while as it managed to climb as high as $ 0.8. Indeed, for the first half of August, the project continued to attempt to break through this resistance, but around August 15th the bear market returned and, with a firm hold, dragged the RNDR down to $ 0.5. and that’s where it is right now.
Many expected the project to come to life on September 1, similar to what happened on November 1 last year. The crypto winter of 2022 has now been holding out for about 10 full months, and many were hoping to see its hold weaken, especially after receiving hope in early August.
But, when September 1st came, the only thing that happened was that the bear market squeezed the price of the token again, bringing it down by 4%, from $ 0.52.6 to $ 0.50. 4. However, the project has started to bounce back and, as of this writing, stands at $ 0.5169.
However, there is some positivity surrounding RNDR for several reasons. It has taken every opportunity and every weakness in the bear market to initiate a fairly strong and strong recovery which means it is ready to resume its price at the time of the warning. It is also one of the few tokens currently being considered for listing on Coinbase, as well as one of 10 to be listed on Binance.
A few weeks ago, IvestorObserver also assigned it a bullish rating based on its Sentiment Score, which measures the token’s performance in 5 days based on volume and price movement, which shows that the community is definitely buying this token and moving its price whenever possible. All of this shows that there is positive and bullish market sentiment surrounding the token and that the RNDR is a valuable investment, especially now that its price has been so badly damaged and is just waiting for an opportunity to bounce back.
What will happen next?
So what happens next for RNDR? For the time being, we expect to see the token recover slightly from $ 0.5 and then be pushed back down, as it has done several times before. This support is likely to continue to hold unless the market is hit by another bearish wave and it turns out that $ 0.5 is still not the low for the token.
Meanwhile, many of the top names in the financial industry have given their weight to the token’s prognosis. There have been numerous collaborations and events in the cryptocurrency industry that have shown that users have faith in cryptocurrencies and the RNDR itself. The only thing that investors are waiting for now is for the bear market to start losing ground, and as it didn’t happen on September 1st, users expect to see it in the last months of the year. Once that happens, and it should happen, based on historical data, the RNDR should receive a huge hike that could even bring it back to $ 1.52. In fact, its price is expected to come in between $ 1.45 and $ 1.68. Hence, in 2023, the average price of RNDR is expected to continue to rise, with expectations between $ 1.83 and $ 2.01. This increase will then accelerate in the years to come, with the final forecast stating that the average RNDR price is expected to reach $ 4.18 by 2030, which is likely a very modest forecast.
However, this being the cryptocurrency industry, almost anything is possible, so all anyone can do is keep an eye on the market and hope for the best. This is especially true when it comes to Render Token, which has been shown to have the potential to increase, as well as is currently heavily underestimated. As soon as the bear market lets go for a while, a surge will occur and the only real questions are when that might happen and how much the coin will rise.
To learn more about Solana, visit our Investing in Render Token guide.