Render Token is Going to Zero as RNDR Price Drops 10% in a Week But Crypto Whales are Accumulating This New Token Instead – Here's Why
The Render Token price has risen by 1% in the past 24 hours, with its climb to $2.00 helping to compensate a little for the 10% drop it has witnessed in the past week.
RNDR is also down by 23% in the last 30 days, although the cryptocurrency has gained by an impressive 241% in the past year, benefitting from market euphoria surrounding the AI and metaverse/VR industries.
But despite the altcoin's good fortunes this year, it's arguable that its recent dip is a sign it's running out of momentum, and that it may not be able to replicate its former growth in the latter part of 2023.
However, newer tokens are promising to post gains where more established coins may be faltering, with one of the most promising of these being Thug Life Token (THUG), a new meme coin that taps into the gangsta rap and hip-hop communities.
RNDR has had a bad week or so, although its jump of the past hour suggests it may have just begun a little recovery of sorts.
After hitting an oversold position of 30 yesterday, RNDR's relative strength index (purple) has jumped up to 50, signalling an influx of upwards momentum.
Similarly, its 30-day moving average (yellow) has stopped falling any further below its 200-day average (blue), with the short-term indicator potentially beginning to move up again.
Heightening the sense of recovery is RNDR's support level (green), which resisted a fall below $1.90 overnight and looks set to help the altcoin rise.
But while RDNR is enjoying a small bounce following its bad week, it's hard to say whether this bounce will translate into sustained rises.
Render had previously been one of the best-performing major cryptocurrencies of the year, with the graphics-rendering network being boosted by hype for artificial intelligence and
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