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Render Token (RNDR) Price Recovers After Listing on Kraken

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

Render Token recently got listed on Kraken, one of the biggest and most popular crypto exchanges in the industry. Kraken itself announced that Render is getting listed, alongside seven other cryptocurrencies. These include Alchemix (ALCX), Barnabridge (BOND), Jasmy (JASMY), Mask Network (MASK), Spell Token (SPELL), Tribe (TRIBE), and Universal Market Access (UMA).

As always as part of a listing, Kraken noted that these tokens will be joined by others in time, when the exchange identifies others that fit its criteria and demand for them convinces the platform that they should be added.

However, when it comes to the Render token itself, this listing was actually quite helpful with its price, as it was just rejected after trying to breach the resistance at $3. The price rejection was not massive, but it did happen, and it could have potentially led to stronger losses. The news of the listing, therefore, came at the right time to give RNDR another chance at breaking the resistance. RNDR took it, and so at the time of writing, it is at $3.02, after growing by 2.74% in the last 24 hours.

This resistance has been holding the token back for well over a month now, despite several attempts to breach it in 2022.

Render price in 2022

It has been three months since the start of the year, and the crypto industry is still struggling to recover from the losses seen in the first three weeks of January. It appears that the market led the coins to their bottoms, and that spiraling down has finally stopped. However, all efforts to take the coins back up has been met with strong resistances and not enough momentum for them to be broken.

Render, for example, started the year with a price of $4.7 after crashing from its ATH at $7.77, which it reached on November 20th, 2021. The first five days of January even allowed it to surge to $5.32, but the situation quickly changed and the crash continued, leading RNDR price all the way down to $1.8 by January 24th.

Render price in 2022

After this day, the crypto world took a bit of a break from the bearish market, which allowed it to recover slightly. RNDR itself surged to $4, but the resistance was too strong and it did not allow it to progress further, Instead, as soon as the bear market returned around February 9h, Render crashed again, this time to $2.5. At first, it seemed like this support will hold it, and it even allowed it to bounce back up. The coin then ran into the resistance at $3, breaching it and reaching $3.35. However, the price was then brought back down to $2 in late February.

The token clearly went too low, as it quickly bounced back up and surged to $3.22, after which it dropped yet again, stopping just above the support at $2.5. Since then, $2.5 has served as its main support, apart from one brief period between March 11th and 19th, when the token’s price dropped under this level and started treating it as a resistance.

Fortunately, the resistance fell fairly quickly, and ever since then, RNDR has been trying to reach and overcome the support at $3. It nearly succeeded twice on March 28th and 29th, which resulted in a price rejection that listing on Kraken turned into a minor drop, and allowed the token to return to $3.

To learn more 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.