Bitcoin played second fiddle as KAVA, XRP, TRX, RPL and RNDR led the crypto market in May
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The cryptocurrency market experienced a dull month with Bitcoin (
Render Token price analysis
Render Token benefited from the recent AI hype that has culminated in an uptick of companies requiring graphics cards for training AI models.
RNDR is an ERC-20 utility token that powers Render Network, a protocol that provides a decentralized marketplace for graphics processing unit (GPU) power. Using RNDR as the medium of exchange, Render Network connects users looking to rent the processing power with those who have idle GPUs.
RNDR has added 5.5% gains in May, rallying strongly in the second half of the month. Data from Nansen shows that the smart token holding for RNDR token has reduced since the start of this year. Nevertheless, the number of unique smart wallets holding RNDR has increased linearly during the same period.
The RNDR/USD pair has exhibited significant volatility around the resistance and support level of $2.13. If buyers build support above it, the token could enter a crucial pivotal parallel range between $3.19 and $2.13.
There is minimal resistance above $3.19 with the potential to touch 2022 highs of $5.29. To the downside, buyers may find support around local lows at $1.62 and $0.90.
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
