Distributed computing has become one of the solid use cases in the cryptocurrency space. Render (RNDR) is the leader in this niche, and the rising price of $RNDR bears testament to the perceived importance of this project.
An important use case
Although there are a huge number of crypto projects, and many niches that each fit into, there aren’t many niches so far that truly promise a use case that will offer huge value across both the crypto and traditional business spaces.
The sheer lack of GPUs to power the world’s demand for intensive distributed computing is definitely one of these niches, and Render provides a service that allows companies to harness the power of idle GPUs across the globe.
Traditionally, companies, or studios have had to maintain in-house GPUs which have been costly to run, and when not in use, are a constant drain on resources.
Therefore, Render’s on-need provision of fast and affordable rendering obtained from a network of idle GPUs is quickly becoming a go-to service that is changing the game, and is making large rendering studios obsolete.
$RNDR outperforms most
Source: Coingecko/Trading View
From a price perspective, $RNDR has outperformed the vast majority in the cryptocurrency space. From the beginning of 2023, $RNDR recently achieved a gain of 1915%, with a local top at just over $8. This is not far from the all-time-high of $8.80, set at the end of 2021. $RNDR has currently pulled back to $7, which, it is assumed, is now support, although this still needs to be confirmed.
Time for a pull-back?
Source: Coingecko/Trading View
Zooming further into the medium time frame, it can be observed in the chart above that the recent local high did tag the white trend line. This could mean that a further pull-back could be on the cards. Support at $6.35 coincides with fibonacci levels, so this could be a downside target.
That said, for the rest of this crypto bull run, $RNDR does look like a favourite to keep going up, break the all-time-high and go into price discovery. Such a solid use case deserves more success.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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