Render (RENDER) is underperforming given the current market pullback, leading to the token experiencing a strong pullback over the past few days. According to CoinGecko, RENDER is down about 13% since last week, setting the tone for the bearishness that overcame the market bulls in early October.
Although the market fell by a small margin, it caused a large liquidation of both long and short positions holding the token. For Render, “Uptober” may arrive later this month as the token regains lost ground against the bears. However, on-chain development continues to come to one of the most popular decentralized physical infrastructure (DePIN) protocols.
Give Showing September Achievements
Render September is incredibly powerful in terms of development, one of the most notable being their support for Redshift, Mavon’s internal 3D renderer. The tool itself has features that can greatly improve Render’s compute niche used by artists in their workflow. With the coin already supporting C4D file support for Mavon’s Cinema 4D platform, Redshift users shouldn’t expect any hiccups in using the integration.
– Render Network (@rendernetwork) October 1, 2024
Annabele Siconolfi, a 3D artist who tried the integration of Redshift on the platform, estimates the time saved in the latest rendering work at more than 70-80 hours.
Render Network’s X account also grew by 100%; from 100k to 200k. Render’s X account is one way the platform can engage with the community, improving its communication with Render users.
– Render Network (@rendernetwork) September 30, 2024
Public communication is important in decentralized networks as it helps to involve the public in the decision-making process. With this huge jump in social following, trust and belief in the importance of Render may have improved over the past month.
RENDER Breaks $5.3 – Can It Continue Its Way?
At its current pace, RENDER bulls have broken the resistance at $5.3– flipping to support– after a brief success of the bears in the short term. As RENDER tries to stay above its current support level, the token may have enough momentum to continue its current path.
However, the relative strength index (RSI) of the token is entering a potential bearish reversal zone that may support bearish movements in the medium term. If this happens, RENDER’s position will be compromised with a return of about $4.9 in the short term.
If the bulls continue to fight to control RENDER’s momentum, the token will stabilize at $5.3 in the short to medium term before the bulls move higher, possibly targeting $6.3 in the long term.
Featured image from Pexels, chart from TradingView