A number of AI (Artificial Intelligence) token sectors have experienced significant price increases in recent times.
It is recorded that there are five tokens from AI that are able to hit the crypto market. Quoted from theblockbeats, token market data from the AI sector has generally increased:
· Worldcoin (WLD): Price US$9.83, an increase of 11.53%.
· Arkham (ARKM): Price US$3.10, an increase of 10.40%
· Render (RNDR): The price is $13.20, up 19.89%.
· SingularityNET (AGIX): Price US$1.17, an increase of 10.15%.
· Fetch.ai (FET): The price is $2.85, up 13.44%.
Render (RNDR) Token Hits Record High
On March 18, 2024, the RNDR token managed to reach its highest price record since February 22, 2023, which was around $13.20.
According to Bitrue trade, the RNDR token is currently priced at $13,061 with a percentage increase of 19.18 percent in the last 24 hours.
source: Bitrue
Render (RNDR) Price Analysis
Previously, Render Price (RNDR) was not performing well. RNDR experienced a correction to the 20-day EMA ($10.02).
However, the price of Render (RNDR) managed to increase sharply. This suggests that sentiment remains positive and traders are buying the dips.
Render Price (RNDR) Increase Factor
The main factor for the rise of the RNDR token was the Bulls, who were able to push the price above the resistance of $12.78 until March 17, 2024.
This signals the start of the next uptrend. Quoted from CoinMarketCap, the buyer factor is sufficient to determine the increase in RNDR prices. If buyers are able to maintain the price above $12.78, the RNDR/USDT pair could surge to $16.81.
Also read: BTC Price Prediction March 2024: Battle of Bullish & Bearish, Read The Analysis!
Driving Factors
- Increasing Popularity of AI: The rapid development of AI and the popularity of chatbots such as ChatGPT and Bard are increasing interest in AI tokens, including RNDR.
- Adoption of RNDR by Artists and Studios: More artists and studios are using RNDR for 3D rendering and animation, increasing demand for RNDR tokens.
- New Feature Launch: The launch of new RNDR features, such as RNDR v2 and OctaneRender, increases the utility of the RNDR token.
- Positive Market Sentiment: Positive market sentiment towards crypto as a whole is also driving the price of RNDR higher.
Technical Analysis
- The RNDR price chart shows a bullish trend with a bullish cup and handle pattern.
- RNDR trading volume increased significantly, indicating high investor interest.
- Technical indicators such as MACD and RSI are showing bullish signals.
What is Render (RNDR) token?
Render RNDR token is an ERC-20 utility token used in Render Network, a decentralized rendering platform that leverages the power of distributed GPUs to complete 3D rendering and animation tasks.
Main Functions of Rendering RNDR Token
- Rendering Services Payment: Users (artists, studios, etc.) use RNDR to pay for rendering work performed by nodes (GPU providers) in the network.
- Incentives for Nodes: Nodes earn RNDR in exchange for providing their GPU computing power to complete rendering work.
- Network Governance: RNDR holders can participate in network governance by submitting proposals and voting on platform changes.
Advantages of Render Network
- Decentralization: Eliminates the need for farm rendering centralized, allowing broader and more flexible access to GPU resources.
- Efficiency: Leverages idle GPUs around the world, increasing efficiency and reducing rendering costs.
- Transparency: The use of smart contracts on the Ethereum blockchain ensures a transparent and secure rendering process.
Uses of Rendering RNDR Token
- Payment: Users can purchase RNDR on crypto exchanges and use it to pay for rendering jobs on the Render Network.
- Staking: RNDR holders can stake their tokens to earn rewards and improve network security.
- Governance: RNDR holders can participate in network governance by submitting proposals and voting on platform changes.
Conclusion
The record price achievement of RNDR shows market optimism regarding the future of AI and the utility of RNDR.
Also read:
Bitcoin Spot ETF Breaks Record $1.05 Billion Inflow! What is the Impact?
Rise in Solana Ecosystem: WIF Token Increases 60%, SOL Follows! Why?
BTC Price Trend Forecast: Biction Predicted to Reach $1,000,000? This is the analysis
Official Website
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment.