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Render Token (RNDR) Price Drops Below $3.5 in January 2022

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Investing In Render Token (RNDR) - Everything You Need to Know

The crypto industry has had high hopes for 2022, expecting the same price behavior as we had seen in early 2021, and that altcoins will once again go to the moon. Unfortunately, this did not happen. In fact, most altcoins have been trading in the red for the past two weeks or so, dropping to levels that were even lower than the ones reached during the Christmas crash.

One example of this is Render Token (RNDR), which was trying to breach a resistance at $6 in late December 2021, while now, in mid-January 2022 its goal is to simply stay above $3.5.

Render Token in 2021

Render Token was launched in mid-2020, but it didn’t start seeing serious activity until mid-March 2021, when it skyrocketed from being only $0.05 to $2.5. The coin then crashed down to precious levels, where it spent a good portion of the summer, only to start another growth in late July, which took it to $1.5 in late August.

What followed was another price correction, and this one took the coin down to $1, where it remained until November 2021. Once November started, however, RNDR price skyrocketed from barely $1.1 to $9 in exactly three weeks. The price surge has made the project’s token holders very happy, but before long, the price corrected to $6.5, fluctuating between this level and $7.5 between late November and early December.

Unfortunately, as December started to approach and then kick off, the price kept going further and further down, eventually dropping to $4. Things seemingly started changing for the better around December 20th, when RNDR value skyrocketed again, going from $4.2 to $6.5 in only 5 days. However, by that time, the holiday season was in full swing, and instead of a massive, industry-wide rally — this Christmas brought another price crash.

RNDR price went from $6.5 to a support at $4.5, which is where it ended the year.

Render Token keeps going down in 2022

When it started, 2022 looked promising — at least for the first several days. RNDR started 2022 with a price of $4.62, with the closest support level sitting at $4.5. On January 3rd, the coin even managed to surge all the way up to $5.40, and while it was rejected, it made the attempt to breach it three times between January 3rd and January 5th. Unfortunately, after the last price rejection, the coin dropped to a support at $4.8, only to drop even further on late January 5th and sink all the way down to $3.48 by January 8th, and finally drop to its lowest YTD price of $3.26 on January 11th.

Render Token keeps going down in 2022

The coin then recovered to $4 around late January 12th, and while its price was initially rejected to $3.68, it attempted to breach this resistance two more times. After the second attempt, it was once again pushed down to $3.4, which trapped it below $3.5. After spending about a day trying to breach this level, it finally managed to turn it into a support on late January 15th, only for it to break again early on January 17th.

At the time of writing, RNDR price is at $3.33 after an 8.34% drop in the last 24 hours, and while it is clear that the coin wishes to go up — the current crypto market is not allowing it.

To learn more about this token visit our Investing in Render Token guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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