Why is Render Token Outperforming The Entire Crypto Market?
This Sentiment analysis could explain why Render is in a entire new bracket of growth
RNDR, the token for blockchain-based distributed rendering service Render Network, has increased by over 90% in the past week, according to CoinGecko. Latest Apple relationship with the M2 iPads is showing some of the coming technology shits that are happening around the idea of decentralized render services for the future of Web3.
Render has surged over 300% in the last 30 days to reach around $1.69, alongside launching a new foundation and passing a new tokenomics model by the project's DAO. Despite its recent surge, RNDR remains down over 80% from its all-time high of $8.78, recorded in November 2021.
Key Sentiment data tracked by the Crypto Power Index has identified continued support over the past week and continues its push on an upward trend as of Feb 6th writing.
The one concern is the slowing Amplification sentiment”, stated Paul Barron, lead analyst and CEO of PBN3.com. We see a breakout on this token, similar to Solana’s run to the most recent all-time high, stated Barron. Market euphoria is starting to set in on Render, and if the utility phase starts to slow, the likelihood of a retracement is real, Barron Added.