The price of Render has seen a reversal from a long-term downtrend to an uptrend, which if continues could take the price of the crypto from $5.30 at press time to $10 by the end of 2024.
Also, the long-term target (for 2030) for Render might exceed $100 by 2030 based on the growth forecast in global GPU markets.
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About Render
Render is a provider of GPU-based services like decentralized graphics processing power. The services are usually meant for crypto miners, graphic designers, AI and ML engineers and other computing-intensive sectors. Render also provides a platform for artists and developers to build services, dapps, and technology for digital economy-oriented businesses.
Fundamental Analysis
Render is involved in a business that is highly future oriented. The need for computing resources like the GPU will be a must in the future due to high graphic quality (4k and 8k), bigger screen sizes, artificial intelligence loads and decentralized computing.
The platform already has a high adoption rate.
Further, with the ongoing merge of AI and crypto, the need for GPUs will skyrocket.
Also due to the high computational power demand in Bitcoin, Litecoin and Dogecoin mining, decentralized computing will play a key resource in making the mining of these cryptocurrencies more distributed.
All of these point towards an increasing demand of computational power in the world. However, GPUs being still expensive, will fulfill only a part of this demand and the rest non-consistent demand will be fulfilled by GPU-power renting platforms like Render.
Even if we expect a growth rate coherent with the GPU industry, Render has a potential growth rate of 33%, which takes its long-term target (for 2030) to 1200% in the current year, i.e., $60 to $120.
Technical Analysis
Render has broken two downtrends in the past three months, and its price is currently in an uptrend.
- The first downtrend lasted two months, from 6 June to 5 Aug 2024. It was broken on 6 August 2024. However, the uptrend failed to sustain above $6.21.
- The second downtrend, which continued from 26 Aug to 5 Sept, was broken on 6 Sep 2024. The current uptrend from 7 Sep started with this break.
Further, the RSI has also been increasing slowly and has now reached a level of 535 on daily charts.
In addition to this, the MACD is already in a positive crossover mode and is likely to last till mid Oct.
The current uptrend is already a week old and has greater chances of survival due to the upcoming US Fed, which is likely to announce a rate cut of 0.25% to 0.5%. This rate cut could send Render above $6.5, and any market rally could take it above $10 by the end of 2024.
Render Price Prediction 2024 – 2030
Render has the near term (2024) target of $10 and the long-term target of $120 (2030).
Render Price Prediction 2024
Render is likely to end 2024 between $6.5 to $10 based on strong technical chart patterns.
Render Price Prediction 2025
By the end of 2025, Render is expected to triple from current levels on the basis of strong fundamentals, altcoin rally, and the peak of the current bull rally in broader markets.
Render Price Prediction 2026 – 2028
Between 2026 and 2028, Render might initially face a downtrend in late 2026 or early 2027, however, the crypto is expected to cross $50-$70 by the end of 2028 because of the next crypto halving.
Render Price Prediction 2029
The expected altcoin rally in 2029 could easily take Render above $100 on the basis of strong fundamental growth, demand for GPUs, and the need for decentralized computing in the tech world.
Render Price Prediction 2030
The long-term targets of Render are intact at $60 to $120 based on the year-end closing price of 2024 ($6.5 to $10).
