RNDR Undergoes Rebranding, Seeks to Flourish in the Future

With the cooperation of Crypto.com, Render Network plans to rebrand the Render (RNDR) token to Render (RENDER), altering the way that trading

Render (RNDR) prices fell on Monday, continuing a downward trend that began in April. The prices dropped sharply from an all-time high of around $14 on March 18 to hit $10 on March 2023.

The Render token, which now trades under the RENDER symbol thanks to a rebranding effort supported by Crypto.com, is used by Render Network to rent out underutilized GPU capacity for AI applications and entertainment creators. The P2P network's infrastructure is also expected to continue supporting various AI-related initiatives.

The native cryptocurrency of Render Network is used by AI applications and entertainment producers to rent out underutilized GPU capacity. It is anticipated that the P2P network's infrastructure will continue to support a range of AI-related projects.

The coin hit an all-time high earlier this year, and its current pressured trading comes after that. Several indicators suggest that the recent upswing is ending, and there are now clear bearish signs. This may subject RNDR to additional short-term downward pressure. However, the long-term outlook for the coin is positive.

Artificial intelligence is having a significant impact on the cryptocurrency market, as was previously reported by Bankless Times. Artificial intelligence is used by digital assets known as AI coins to enhance blockchain network scalability, security, and user experience.

According to the most recent price estimate, the price of the Render Token is expected to increase by 229.20% over the next month, reaching $19.89. Other technical indicators show a bearish mood for the coin and the Fear & Greed Index at 25 (Extreme Fear). Render Token experienced 13/30 (43%) green days and a price volatility of 8.60% during the last 30 days.

Moreover, technical analysis indicators show bearish sentiment for the price prognosis of Render Tokens, with six indicating bullish signs and twenty-two indicating bearish signals. The 200-day SMA for Render Token will rise during the upcoming month, hitting $8.88 on August 11, 2024. During the same period, the short-term 50-day SMA for Render Token is predicted to reach $10.23.

The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). At 40.29, the RSI figure suggests that the RNDR market is now in a neutral position.

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