LD Token Rollout Sparks A Breakout In Render Crypto: What’s Next?

• 1 The Render ecosystem has issued a whitelist for the Long Dragon LD token exclusive to its network participants.
• 2 Render crypto is rising bullish as Network growth and OI data have turned bullish.

The price of Render (RNDR) is exhibiting a positive trend, achieving successive peaks, surpassing similar AI-driven cryptocurrencies. It’s outshining many other alternative coins in the broader crypto market.

Render crypto has emerged from a notable pattern established a month prior and has exited a period of price correction. The surge in Open Interest data and network growth positions it as a likely candidate for one of the best-performing digital currencies in the upcoming weeks. A closer examination of its potential for price appreciation is warranted.

Render Price Sparkles Amid Launch Of LD Launchpad!

The Render token’s value has surged 35% across the last four trading sessions. It’s sparking enthusiasm among investors due to buzz surrounding a new launchpad within its ecosystem. 

Promoted with the pledge to “Shape Destiny in service of The Render network,” the ecosystem is preparing to introduce the Long Dragon launchpad, aimed at streamlining engagement in nascent Web 3.0 projects. 

The Long Dragon launchpad will thoroughly evaluate projects, even investing in their funding rounds. A statement from the whitelist highlights the platform’s ease of use, appealing to investors from both Web 2.0 and Web 3.0 backgrounds.

Furthermore, The Long Dragon within the Render ecosystem will facilitate staking with its native or primary token, LD. Holders of the LD token, thus stakers, will gain access to the same market as significant investors, reaping comparable benefits and advantages associated with substantial investments. 

These benefits include enhanced yield prospects, superior pre-sale deals, top-tier airdrops, etc.

In addition to staking, the LD token will serve multiple purposes, such as enabling farming, governance, investment options, and unlocking all features of the Long Dragon ecosystem. The token also motivates and compensates community members for their active involvement in the ecosystem.

Will The RNDR Breakout Sustain Or Fade Away?

The daily trading chart indicates that the cryptocurrency has broken out from a downward-sloping parallel channel pattern. It has exceeded the previous resistance level at $9.27, signaling the end of its recent downtrend.

Notably, the network’s expansion and the increase in Open Interest (OI) have confirmed the breakout, suggesting a potential for further upward movement in the cryptocurrency’s value.

According to the latest price forecast, the cryptocurrency has reached a new high of $10, climbing nearly 35% in recent trading periods. Analysts believe there is still potential for growth up to the upper boundary of the previously established channel pattern. Optimistically, the cryptocurrency could ascend to a peak of $13.29.

Conversely, a decline below the $8.7 mark and the 50-day exponential moving average (EMA) could negate the breakout, potentially leading to a decrease in price toward lower levels.

Conclusion

Render (RNDR) is on an upward trajectory, outperforming its peers with a 35% increase in value over four sessions, fueled by excitement over its new Long Dragon launchpad. 

Moreover, it promises to enhance participation in the Web 3.0 project. The crypto has already observed a breakout from a bearish channel pattern on a daily chart, surpassing the $9.27 resistance.

Also, The network growth and rising Open Interest affirmed this trend. In a bullish scenario, RNDR could potentially climb to $13.29. However, falling below $8.7 and the 50-day EMA could reverse gains, pushing prices down.

Technical levels:

• Support Levels: $7.04 and $5.17
• Resistance Levels: $11.27 and $13.29

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.