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Crypto AI RENDER token soars 15.6% after rebranding. Can it hit $10?
Today, Render Network finalized the migration and upgrade of the cryptographic AI token RENDER. Following the highly anticipated rebranding, the AI token has seen positive price action, rising over 15% in the past day. Investors and market observers have expressed optimism about the rebranded token and believe it could hit $10 soon.
From RNDR to RENDER
Last year, the Render Network Foundation moved from Ethereum (ETH), where it was originally launched, to Solana (SOL). The move followed a community vote that approved two major upgrades to the network.
According to announcementThe move to Solana was “proposed for faster transactions, cheaper fees, and the project’s need to achieve more ambitious goals with more data and on-chain transactions.” The community also voted to rename the token from RNDR to RENDER, which will be finalized in 2024.
This month, the foundation informed users that many cryptocurrency exchanges, including Binance, Kraken, OKX, Crypto.com, and KuCoin, would automatically replace RNDR tokens with the rebranded token at a 1:1 ratio.
Monday, the RNDR The delisting from cryptocurrency exchanges began ahead of the scheduled migration on July 26. Exchanges halted most operations with the token, negatively impacting its performance over the course of the week.
Furthermore, whales apparently contributed impact on the token price. Online reports revealed that some notable holders sold their RNDR following the news, dragging the price from above the $7 support level to below the $6.5 price range.
The token continued to plummet in the following days, falling below the $6 mark, a 17% drop in four days. However, the long-awaited migration and listing of the new RENDER token seems to have kick-started a price recovery.
AI Token Skyrockets 17% After Listing on Binance
The newly renamed cryptocurrency AI Tokens has surged over 17% today after being listed by cryptocurrency exchange Binance. On Friday, the exchange announced that RENDER had been added to Binance Simple Earn, Buy Crypto, and Binance Convert.
Additionally, he revealed that Binance Margin and Futures options will be available today for the AI token. Meanwhile, the Auto-Invest option will be added on Monday, July 29. On that date, cryptocurrency exchange Kraken will also list RENDER and delist RNDR.
Investors and market observers have expressed optimism for the rebranding and listing on Binance. One user X said that as the project enters this new era, “RENDER token with this new chart of lows around $6.5 has the potential to reach unimaginable heights.”
Coinboss Cryptocurrency Analyst consider that the token could “pinball” if it makes a clean break above the $7 resistance level. A successful retest of the target could potentially lead the token to reclaim the $11 mark, further fueling a surge above RNDR’s all-time high (ATH) of $13.53.
Another cryptographic analyst pseudonym you think RENDER may soon hit $10, saying: “Thanks for the fud. See you above $10.” Some users also believe that investors will regret missing the “best buying opportunity.”
Over the past 24 hours, the AI crypto token has seen a remarkable 140% increase in market activity, with a daily trading volume of $83.1 million. At the time of writing, RENDER is trading at $6.89, up 15.6% from the previous day.
Featured image from Unsplash.com, chart from TradingView.com