RNDR, the native token of the Render Network, has caught traders’ attention. Most believe the token is ready for the big stage, considering some major announcements and mentions, especially in Q2 2024.
As of 14 August 2024, RNDR is up 43% from August lows and is currently consolidating below $5.
Crypto has been see-sawing in the first half of August. After the sell-off in early August, pushing prices below July lows, most thought crypto assets would plunge throughout August.
However, the recovery has been impressive, boosting sentiment across the board.
As Bitcoin, Ethereum, Solana, and other top altcoins find their footing, attention is now on quality DePin projects, mainly Render.
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Eyes On Render: RNDR Consolidates After A 65% Drop
So far, RNDR is down 65% in five months from March highs.
However, the token remains resilient, shaking off weakness, and sparking renewed optimism.
Though the predominant trend is bearish and there is a bear flag, clear in the daily chart, a close above the round number could lift off prices. If the breakout above August 6 is with rising volume, RNDR could soar to $11 in a near 2X spike–a massive endorsement for Render’s value proposition.
Considering Render’s capabilities and growth potential, one analyst on X thinks the zone between $2 and $4 is ideal for buying.
The leg up, he predicts, could take RNDR to as high as $50–a near 400% surge from all-time highs.
RNDR/USDT Bullish Analysis Toward $50 🚀$RNDR has taken a hit, dropping 75% from its recent peak, but it's now trading around $4.58 and has made a strong recovery from the $3 support level.
Key Buying Zones:
Entry 1: $4 – $3.5
Entry 2: $2 – $1.7
Target: $50If RNDR can hold… pic.twitter.com/ytL5mul0U0
— Crypto Patel (@CryptoPatel) August 13, 2024
For this to happen, the analyst added, RNDR must steady above $3. If bears press on below this line, the token may plunge to $2 or worse.
The recovery of Bitcoin and Ethereum prices above $74,000 and $4,100 could see RNDR take off.
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Apple Endorsement, RNDR Burning Rate Spikes
Besides this, Render plays a crucial role in tech, especially in the rapidly rising AI field.
In early May, Apple briefly mentioned their integration of Octane, a Render-powered 3D rendering software, in their new iPad.
Endorsement by the tech giant only adds credibility to Render and might revive the demand for RNDR.
The support from Apple can be considered sufficient evidence that Render solves critical problems that impede the adoption of AI and other technologies.
In the last week the all time amount of $RENDER burned jumped by a whopping 26%!! 🔥⭕️🔥
⚠️ Something large is happening behind the scenes! 🌋
My guess is we'll find out soon, with a deep dive at Breakpoint in 6 weeks… ⏳ pic.twitter.com/2ARaW7UCHL
— Rendoshi Tokamoto ⭕️ (@Rendoshi1) August 9, 2024
Analysts are also banking on the accelerated burning rate of RNDR. Last week, the burning rate rose by 26%, pointing to rising demand for RNDR.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
