encryption AI Token RENDER soared 15.6% after renaming, can it reach $10?
Render Network has completed the migration and upgrade of RENDER encryption AI Token. After the highly anticipated brand reshaping, the PA of AI Token surged over 15% on the last day. Investors and market observers are optimistic about the reshaped Token and believe it will soon reach $10.
Last year, the Render Network Foundation switched from the initial launch of ETH to Solana (SOL) after the community voted in favor of two major upgrades to the network.
According to the announcement, Solana is being converted to achieve 'faster transaction speeds, lower fees, and to achieve more ambitious goals for projects through longer on-chain data and transactions.' The community also voted to rename the Token from RNDR to RENDER, which will be completed by 2024.
This month, the foundation notified users that many Cryptocurrency exchanges will automatically exchange RNDR Token for the renamed Token at a 1:1 ratio.
On Monday, RNDR began delisting from Cryptocurrencyexchange ahead of the scheduled migration time on July 26. The exchange has suspended most operations of this Token, which has had a negative impact on its performance for the week.
In addition, Whales also seem to have had an impact on the Token price. Online reports suggest that some major holders dumped their RNDR after the news came out, causing the price to fall from above the $7 support level to below $6.5.
In the next few days, the Token price continued to big dump, falling below the $6 mark, and dropping by 17% in four days. Nevertheless, the much-anticipated migration and listing of the new REN Token seems to have initiated a price recovery.
After RENDER was listed on the Cryptocurrency exchange, the new brand encryptionAI Token surged by more than 17%. In addition, it also revealed that exchange Margin and futures options will be open for AI Token. At the same time, the automatic investment option will be added on Monday, July 29th.
Investors and market observers are optimistic about this brand reshaping and the listing on exchange. A user X claimed that with the project entering a new era, "The latest price chart of REN Token shows its low point is about $6.5, with the potential to reach unimaginable heights."
Cryptocurrency analyst Coinboss believes that if the Token can completely break through the resistance level of $7, it may experience a big rise. Successfully retesting the target could lead to the Token reclaiming the $11 mark and further pushing RNDR to break its all-time high (ATH) of $13.53.
Another analyst, also known as Crypto, believes that REN could soon reach $10, and says, "Thank you for the speculation. Goodbye again at over $10." Some users still believe that investors will regret not getting "the biggest buying opportunity."
In the past 24 hours, the market activity of encryption AI Token has surged by 140%, with a daily volume of 83.1 million US dollars. The trading price of RENDER is 6.89 US dollars, pumping 15.6% in the past day.
(Data Source: Rubmar Garcia)
