Render Token (RNDR) plunges by 15% in 24 hours despite outperforming the entire crypto market this week
Render Token (RNDR) has been a star performer in crypto over the last week or so. In fact, the coin has been outperforming the market, surging above most coins that appear to be recovering slowly from the January slump. But the coin saw immense selling pressure today, tanking by nearly 15%. Here are some highlights:
At press time, Render Token (RNDR) was trading at $3.27, down by 15% in the last 24 hours.
Despite the intraday plunge, RNDR is still 32% up over the last 7 days, indicating just how strong the recent uptrend has been.
The coin has in fact surged by over 70% compared to the lows of $1.8 recorded barely a week ago.
Data Source: Tradingview
Render Token (RNDR) – Can the uptrend hold?
Many analysts have a positive outlook on Render Token (RNDR). Based on the price action over the last week, there is no doubt the coin is on a bullish uptrend. The 15% 24-hour plunge could be a much-expected pullback. It does not change the overall outlook and as such, we expect Render Token (RNDR) to continue outperforming the market in the coming days.
The key will be to watch if there is additional bear pressure in the coming days. Although it is unlikely, if the price retreats towards the $2.89 support zone, we may start to see RNDR lose momentum.
Should you buy Render Token (RNDR)
Render Token (RNDR) is billed as a distributed GPU rendering network designed to offer GPU computing power. The project is built on Ethereum and started operating in 2017.
There are of course other blockchain projects that aim to offer decentralised computing resources. But Render Token (RNDR) targets the design industry and as such, it can realistically build a strong niche in this area. It is simply a decent asset to hold in the long run.
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