Render Network (RNDR) Soars by 31%: Will This Catalyst Propel It to a New All-Time High?

The Render token (RNDR) has staged an impressive rally over the past day, surging 31% following its listing on Binance’s Japanese exchange. RNDR has now broken key resistance levels and appears poised to make a run at its all-time high around $8.80, surging from a 24-hour low of $2.30 to $3.19. Render has significantly outperformed major cryptocurrencies, notching year-to-date returns above 519%. 

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Momentum has accelerated further in recent days, with RNDR exploding 30% past the $2.617 resistance level that had capped its price advance for nearly 3 weeks. Currently, RNDR seems on the cusp of testing the next resistance zone around $3.15.

Bullish momentum indicators suggest the rally has room to run. The MACD is spiking higher amid massive volatility, while the RNDR has also broken out above its long-standing horizontal resistance around $2.20. This area has had confined price action since March 2021.

Analysts now eye a potential push for RNDR to revisit and exceed its all-time high of $8.80. The Elliott Wave Theory suggests RNDR remains in the early stages of a larger five-wave bullish structure. Targets could include $5.45 and $8 based on common Fibonacci extension guidelines.

Fundamentals may also support RNDR’s continued rise. Analysts cite strong demand drivers via Render Network’s GPU sharing model as a tailwind, alongside integration with major tech ecosystems and cost advantages.

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In summary, RNDR appears primed for an assault on record highs after decoupling from broader market weakness. The technical landscape looks constructive for extended upside, especially if key Fib levels and previous resistance zones can be recaptured as support.

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Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.