RENDER: ‘Uptober’ May Come Late As Token Loses 13%
2024年10月5日 - 8:00AM
NEWSBTC
Render (RENDER) underperforms in the face of the market’s current
pullback, resulting to the token experiencing a strong pullback in
the past couple of days. According to CoinGecko, RENDER fell by
nearly 13% since last week, putting into perspective the
bearishness that overcame the market’s bulls in the start of
October. Related Reading: Is Crypto Losing Steam? Bitcoin And
Ethereum Addresses Shrink In 2024 Although the market fell by a
small margin, it caused a massive liquidations of both long and
short positions holding the token. For Render, “Uptober” might come
later this month as the token recovers lost ground against the
bears. However, on-chain developments continue to come for one of
the most well-known decentralized physical infrastructure (DePIN)
protocol. Render Displays September Achievements
September for Render is incredibly bullish in terms of
developments, one of the most notable is their support for
Redshift, Mavon’s in-house 3D renderer. The tool itself has
features that would heavily leverage Render’s decentralized compute
niche that artists use in their workflow. With the coin already
supporting the platform’s C4D file support of Mavon’s Cinema 4D,
users of Redshift should not expect a hitch in using the
integration. https://t.co/cSZk9wpIaK — The Render Network
(@rendernetwork) October 1, 2024 Annabele Siconolfi, a 3D artist
that tried Redshift integration on the platform, estimates the time
saved in a recent render job by over 70-80 hours. The Render
Network’s X account has also grown by 100%; from 100k to 200k.
Render’s X account is one of the ways the platform can engage with
the community, further enhancing its connection with the users of
Render. https://t.co/SLedMsVO7X — The Render Network
(@rendernetwork) September 30, 2024 Community engagement is
important for decentralized networks as it helps with including the
community in the decision making process. With this huge jump in
community following, trust and belief on Render’s worth might have
improved over the past month. RENDER Breaks $5.3 – Can It
Continue Its Trajectory? At its current pace, RENDER bulls have
broken through the $5.3 resistance– flipping it to support– after a
brief breakthrough by the bears in the short term. As RENDER tries
to settle above its current support level, the token might have
enough momentum to continue its current trajectory. Related
Reading: What’s Holding Bitcoin Back? Analyst Says $71,000 Is The
Magic Number However, the relative strength index (RSI) of the
token is entering a possible bearish reversal zone that might
support bearish movement in the medium term. If this occurs,
RENDER’s position will be compromised with a possible return to
$4.9 in the short term. If the bulls continue to wrestle for
control of RENDER’s momentum, the token will stabilize on $5.3 in
the short to medium term before the bulls can move upward, possibly
targeting $6.3 in the long-term. Featured image from Pexels,
chart from TradingView
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