Technology

RNDR Hits 19-Month High Ahead of Binance Japan Listing – Crypto News

Published

2 years ago

November 16, 2023

Dripp

Render (RNDR), an Artificial Intelligence-based protocol, has experienced a dramatic surge in its price. This boost is primarily attributed to the announcement of its upcoming listing on Binance Japan, scheduled for November 27. This listing is a part of Binance Japan’s addition of 13 new crypto assets, focusing on top-rated altcoins.

Binance Japan Boosts Render’s Market Position

Render’s price has seen over 31.04% increase in the last 24 hours, hitting a 19-month high. This growth trend is reinforced by a 111.46% rise in 24-hour trading volume, indicating a solid market interest that could sustain the price hike. The anticipation of the Binance Japan listing is crucial in driving this demand, as investors are showing a bullish stance according to the Crypto Greed and Fear index.

RNDR price chart: source (tradingView)

From a technical perspective, Render’s price movement has broken free from a bearish trend noted at the start of the month. The reversal is evident in the Moving Average Convergence Divergence (MACD) indicator, suggesting a potential establishment of bullish momentum.

If this trend continues, Render could breach and sustain above the $3.3 mark. However, monitoring if the support level at $2.74 holds is crucial, as falling below this could lead to testing lower supports at $2.55 and $2.26.

Community Rally and Future Prospects

A significant factor contributing to Render’s current rally is the community support for the RNP-007 Proposal. This proposal introduces the FEMDL Innovation, a compute client and platform aimed at enhancing the development and monetization of large language models and other generative AI applications.

The overwhelming support for this proposal, as evidenced by voting data from Snapshot.org, is a testament to the community’s belief in Render’s potential.