Render (RENDER) has struggled amid the current market pullback, leading to a significant decline in the token’s value over the last few days. As reported by CoinGecko, RENDER has dropped nearly 13% since last week, highlighting the bearish pressure that overwhelmed market bulls at the beginning of October.
Despite the market’s slight dip, it triggered a wave of liquidations for both long and short positions associated with the token. For Render, the anticipated “Uptober” may still occur later this month as the token works to regain its footing against the bears. Meanwhile, on-chain developments continue to emerge for one of the most recognized decentralized physical infrastructure (DePIN) protocols.
Render Highlights September Successes
September was extremely positive for Render in terms of advancements, with a standout being their support for Redshift, Mavon’s proprietary 3D rendering tool. This tool boasts features that significantly leverage Render’s decentralized computing advantages that artists incorporate into their workflow. Given that the coin already supports the platform’s C4D file types for Mavon’s Cinema 4D, Redshift users can expect a seamless integration experience.
— The Render Network (@rendernetwork) October 1, 2024
Annabele Siconolfi, a 3D artist who utilized the Redshift integration, claims to have saved over 70-80 hours on a recent render job.
The Render Network’s X account has also doubled, increasing from 100k to 200k followers. This X account serves as a crucial platform for community engagement, further solidifying its connection with Render users.
— The Render Network (@rendernetwork) September 30, 2024
Engagement with the community is key for decentralized networks, involving the community in decision-making processes. This significant increase in community following may have enhanced trust and belief in Render’s value over the past month.
RENDER Surpasses $5.3 – Will the Upward Trend Continue?
Currently, RENDER bulls have successfully breached the $5.3 resistance, converting it into support after a brief interlude by the bears. As RENDER strives to establish itself above this support level, the token may possess sufficient momentum to maintain its upward trajectory.
However, the token’s relative strength index (RSI) is entering a potential bearish reversal zone, which could support bearish movements in the medium term. Should this occur, RENDER’s position might be challenged with a possible dip back to $4.9 in the short term.
If the bulls can sustain their control over RENDER’s momentum, the token is likely to stabilize around $5.3 in the short to medium term before aiming for a rise to $6.3 in the long term.
Featured image from Pexels, chart from TradingView
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