Coin Edition -
- CryptoBusy explains why RNDR will rally significantly soon.
- RNDR has a relatively low supply of 600 million tokens.
- The altcoin is entering a historical demand zone.
Crypto analyst CryptoBusy is predicting a substantial price increase for Render (RNDR), citing the token’s low supply, deflationary mechanism, and growing demand.
1/ Render Token $RNDR is a distributed GPU rendering network built on top of ETH & Solana.✅ Provides unlimited decentralized GM computing power for the next-gen 3D & 4D content creation.✅ Render Network is founded by @JulesUrbach , the same founder of OTOY, which gives… pic.twitter.com/I080Q5ArPf— CryptoBusy (@CryptoBusy) June 17, 2024
CryptoBusy described Render as a distributed GPU rendering network built on top of Ethereum and Solana. They noted the network provides unlimited decentralized GPU computing power for next-generation 3D and 4D content creation, highlighting that it was founded by Jules Urbach, the same founder of OTOY, which supplies Apple’s MAC products with OctaneRender VFX software and ecosystem through subscriptions.
Focusing on RNDR’s attributes, CryptoBusy emphasized the altcoin’s relatively low supply of 600 million tokens, compared to other tokens with around one billion total supply. They also noted the integration of a burning mechanism in RNDR’s protocol, allowing the token to be deflationary. Hence, combining the burning mechanism with low supply could naturally lead to increased prices.
In terms of trading analysis and price prediction, CryptoBusy observed that RNDR is entering the demand zone, which historically has been a buying area for traders. However, they identified notable support areas for RNDR’s price, advising traders on a potential DCA (dollar-cost averaging) trading model, considering the price is at a 45% discount from the All-Time High (ATH).
Besides implementing the DCA approach, CryptoBusy confirmed the 618 Fibonacci level as significant support and an entry target for RNDR. They predict that turning around at that level and breaking above the current ATH could see RNDR achieving a price discovery, targeting between $15 and $19.
From a personal perspective, the analyst believes RNDR has the potential to remain in the top 50 altcoins ranking. They based this belief on the altcoin’s AI, GPU, and DePIN (Decentralized Physical Infrastructure Network) narratives. They acknowledged the crypto community’s RNDR comparison with NVIDIA, highlighting the AI-focused stock’s exceptional 800% surge in two years.
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