Render (RNDR): Biggest Gainer Among Top 100 Cryptos With A 22% Climb

Christian Encila

2 years ago

3 mins read

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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

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.