News & Analyses

RNDR could hit $10 after successful breakout with ecosystem’s LD token launchpad

  • Render ecosystem has issued whitelist for its ecosystem’s Long Dragon LD token.
  • Render price has breached a downtrend resistance, heads toward next resistance at $9.76.
  • RNDR could rise 10% to a double-digit valuation above $10.00.
  • A candlestick close below $7.44 would invalidate the bullish thesis

Render (RNDR) price is trading with a bullish bias, boasting higher highs, with the AI crypto coin not only outperforming its sector peers, but also doing better than most altcoins in the broader cryptocurrency space.

Also Read: Render price hits new all-time high, RNDR rally undeterred by $31.65 million in profit taking

Render ecosystem to  launch new launchpad

Render price is up 10% in the last 24 hours and almost 12% in the past week, coming amid hype about a new launchpad on its ecosystem. Advertised as a commitment to “Shape Destiny in service of The Render network,” the ecosystem is gearing for the debut of Long Dragon launchpad, which is set to simplify the process of participating in emerging Web 3.0 projects.

The Long Dragon launchpad will vet projects exhaustively, going as far as to purchase part of their funding round.  “The platform is user-friendly, attracting both Web 2.0 and Web 3.0 investors,” reads an excerpt from the whitelist.

Render ecosystem’s Long Dragon will also support staking with its native or powering token, LD. Token holders, and therefore stakers, will be able to participate in the same marketplace as whales, enjoying similar perks and privileges that come along with size. These include higher yield opportunities, better pre-sales, highest quality airdrops, and market making opportunities.

Besides staking, other LD token utilities will include farming, governance, investment opportunities and providing access to the full range of Long Dragon ecosystem features. The token is also used to incentivize and reward users for their participation in the ecosystem.

Render price rallies amid launchpad euphoria

Render price has broken above a multi-week descending trendline, effectively confirming the breakout with a higher high. The breakout has been reinforced by the foray of the Relative Strength Index (RSI) into the region above the mean level of 50, as the Awesome Oscillator (AO), a lagging momentum indicator, hints at a possible flip into positive territory.

With the RSI showing rising momentum, the Render price could extend the climb to confront resistance due to the $9.76 roadblock. A flip of this blockade into support would set the trajectory for RNDR price to move into double-digit valuation above $10.00 psychological level. Such a move would constitute a climb of nearly 10% above current levels.

In a highly bullish case, the gains could extend for the Render price to shatter past the $10.50 roadblock, levels last tested on April 9. A decisive candlestick close above this level on the daily timeframe could set the pace for Render price to reclaim the highs above $13.00, potentially clearing the range high at $13.83.

RNDR/USDT 1-day chart

On the other hand, profit booking could cut the rally short, causing a retraction in the Render price. While a flip below the $8.00 level, would be concerning for RNDR longs, effectively causing the RNDR price to fall into the grasp of the descending pattern,  the bullish thesis would only be invalidated after a candlestick close below $7.44. 

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