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Render Token (RNDR) Sees a 47% Weekly Price Boost

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

The year is almost at its end, with only one week left until New Year’s Eve, and the crypto industry is trying to squeeze in one more price rally before it happens. The market is trading in the green, and most coins are trying to push past their resistances and go back up to former heights.

One of the top performers among them is Render Token (RNDR), which just saw a 47% price increase in the past week alone. The token is a native cryptocurrency of a distributed GPU rendering network built on Ethereum’s chain, which aims to connect artists and studios in need of computing power.

Essentially, the project offers to help artists make beautiful, movie-quality videos without having to invest in equipment that they would otherwise require to produce it. And, it seems like the possibilities are intriguing, considering how much the project managed to grow in a very short time.

Render Token price history

The concept was conceived in 2009 by OTOY, Inc., and then launched in 2017. RNDR then held its public token sale in October 2017, just before the first major crypto bull run. A private sale then took place between January and May of 2018, but it wasn’t until April 27th, 2020 that the project saw its public launch.

Despite being long-anticipated, the project did not see an impressive price surge after launch, even though it came at the time immediately after the COVID-19 pandemic caused a market meltdown, which created the perfect environment for the crypto industry to blow up stronger than ever before. In fact, it wasn’t until March 2021 that it started seeing first notable price activity. Between its launch and March 2021, the project’s price was mostly just fluctuating between $0.05 and $0.1, with a single notable price increase taking place in late August of 2020.

However, come March 2021, the coin saw a price surge that took it all the way up to $2.55. Unfortunately, its price was rejected by a powerful resistance, pushing it back to the bottom at $0.42, which it reached in late June 2021. After that, its price started to recover again, although rather slowly, and it only went up to $1.5  before seeing another drop.

After reaching $1.5 in late August, exactly two months after hitting bottom, it dropped again to $0.8, where it remained until early November. This is when the situation took a sharp turn for RNDR.

RNDR goes to the moon

After more than a year of struggling to grow, RNDR finally started attracting the attention it deserves, right around the time when Bitcoin itself led another massive rally, and this time, Render Token joined in full. Starting in the early days of November, the rally took it up higher than ever before, allowing it to hit an ATH at $8.76 on November 21st, 2021.

Of course, such a sharp price surge was followed by an equally sharp correction which took the project’s coin down to $4 by December 9th, but this new bottom is still miles above the price that the project saw only a bit over a month earlier.

Not only that, but it started an immediate recovery which led to the current price surge — likely the last one that we will see in 2021. So far, it managed to go up by 46% in the last week, and by 6.72% in the last 24 hours, which left it with the price of $6.16 at the time of writing. If the rally continues in the following seven days, the coin may as well reach its old ATH, or perhaps ever outperform it. However, that remains to be seen.

For now, all that we can say with certainty is that the project does have major potential, and that it is worth keeping an eye on in days to come.

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.