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.
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.
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.
— 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.
— 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.
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.
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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