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The Render Token price experienced a 1% increase over the last 24 hours, reaching the $2.00 mark, and helping to offset the 10% drop it had witnessed last week.
Fall of RNDR!
RNDR has plummeted 23% in the past month, but the cryptocurrency significantly benefited from the market enthusiasm surrounding the AI and metaverse/VR industries, seeing an impressive 241% increase over the past year. However, despite this year’s good fortune, the recent decline could be a sign that the momentum has run out and it’s arguable whether the altcoin can repeat its previous growth in the second half of 2023.
Newer tokens may offer profit-making opportunities where the well-established cryptocurrency struggles. RNDR had a tough week, but the jump in the past hour suggests that it might be starting to recover.
After reaching an oversold position of 30 yesterday, RNDR’s Relative Strength Index jumped to 50, potentially indicating an upward momentum. Similarly, its 30-day moving average stopped falling below its 200-day average, and the short-term indicator seemingly started to rise again.
Expectations from RNDR!
The support level of RNDR that seems to resist falling below $1.90 overnight could amplify the sense of recovery, and help the altcoin rise. However, it’s hard to say whether this small bounce after a bad week will turn into continuous increases.
Render had been one of the best-performing main cryptocurrencies of the year, amplified by the hype for artificial intelligence and metaverse in the network’s graphics processing. News that the latest iPad models support Render’s OctaneX processing application boosted RNDR to $2.85 in May, but it seems the momentum of this rally has now stalled.
Interest surrounding AI and the metaverse may decrease in the upcoming months, leaving RNDR without a source of gain. Therefore, it’s possible that we won’t see RNDR hitting more major rallies this year, at least without truly significant adoption news.
