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Render (RNDR) is one of the biggest gaining coins this week. According to CoinGecko, the token is up 11% in the last 24 hours, and 22% in the last week. With Bitcoin and Ethereum experiencing a strong bullish sentiment, RNDR might experience a bigger upside in the medium to long term.
After a tough start this week, the market is finally showing signs of vigor. According to CoinGecko, the total market cap of crypto rose nearly 3% since yesterday, flipping sentiment from bearish to bullish.
Despite this, macroeconomic uncertainty will still be a major driving force for the bears. With this week being jam-packed with new data that would affect investor sentiment, investors should stay cautious of the current market situation.
Source: Coingecko
Off-Chain Development Offsets Macro Uncertainty
Render has been on a roll recently as on-chain developments continue. RNP-002, the proposal to move the Render network to the Solana blockchain, has concluded last week. With Render’s help, Solana’s NFT space will benefit greatly as Render helps in the quick generation of digital assets.
“This rendered in 5 min at 1500 samples on the #RenderNetwork.. Would have taken my computer 3 hours or more (dual 3090).”
– Rowan While @rowanwhile• Made in #C4D and #Octane 🤍 pic.twitter.com/uFiyHRWhGf
— Render Network | RNDR (@RenderToken) April 20, 2023
RNP-003 has also concluded with an overall positive vote by the community. Titled “Resource Acquisition and Allocation for Core Team and Grants”, the proposal aims to push decentralization on the network. According to their blog post regarding the proposal, it is an important step as this would push Render from being run by a core team to being run by the community.
Despite the positive developments for the network, fears surrounding the banking system were renewed as First Republic Bank and senior officials of the Federal Deposit Insurance Corp. revealed that they are considering downgrading their scoring of the bank. This would block the bank from receiving loans from the FDIC, further adding stress to the banking system.
Although other regional banks released their financials that reassured the market, First Republic’s results dampened investor sentiment as banking fears were magnified.
However, Geoff Kendrick, the head of digital assets research at Standard Chartered, believes that the crypto winter has finally ended along with a $100k Bitcoin prediction by the end of 2024. If this ever happens, Render is on the right path for higher highs.
RNDR/US Dollar trading at $2.36 on the daily chart at TradingView.com
Render (RNDR) Investors Should Watch This Level
The bulls seem to be active in the $2 support range which is crucial. This invigorates investors and traders to defend this support level at all costs as a bearish break on the $2 level could spell disaster for RNDR.
Targeting $2.35 in the short to medium term would also be beneficial as this would open up the road toward higher highs.
-Featured image from The Coin Republic
