• Render Network token (RNDR) has surged over 44% in the past month following a decision by the render network DAO to approve a new tokenomics framework.
• Despite this, RNDR price has dropped 5.7% over the past 24 hours to trade just below $2.0 according to CoinMarketCap data.
• The new burned-and-mint equilibrium (BME) model is aimed at making RNDR a commodity as well as a deflationary asset.
Render Token Price Prediction
The Render Network token (RNDR) has seen significant growth of 44% in the past month due to the approval of a new tokenomics framework by the Render Network DAO. However, despite this surge, CoinMarketCap data shows that RNDR price has dropped 5.7% over the past 24 hours and is currently trading just below $2.0.
A New Tokenomics Model Fuels The Render Token Price
The recent surge of 22% between February 5 and 7 was triggered by the vote of unanimous approval on January 31 for the burnt-and-mint equilibrium (BME) model proposed on GitHub which aims to cap net emissions and allow artists to burn required amounts of RNDR tokens in exchange for non-fungible work credits, which are then distributed to node operators. According to Coinglass crypto data provider, RPND’s funding rates remain positive on most crypto trading platforms, indicating bullish sentiments amongst traders.
Render Token Price Analysis
At press time, RNDR price is fighting immediate resistance from the middle boundary of an ascending parallel chart pattern at $2.20 and if it succeeds in closing above this level it would signal increased buying power and could potentially lead to a 24% increase with its bullish target being $2.43 – embraced by the upper boundary of the rising channel .
The adoption of BME model is expected to make RNRD both a commodity and a deflationary asset which could see its value rise significantly should buyers be able to close above immediate resistance levels at $ 2 .20 . If successful , 24 % increase could be seen with its bullish target being set at $ 2 . 43 .