In recent days, the cryptocurrency market has witnessed significant fluctuations, and Render (RENDER) has not been immune to these changes. The token has experienced a notable downturn, which has caught the attention of investors and market enthusiasts alike. According to CoinGecko, RENDER has plummeted by nearly 13% since the beginning of last week. This decline highlights the market’s bearish sentiment that took hold at the outset of October.
Despite a minor market decline, the impact on Render has been substantial, leading to massive liquidations of both long and short positions. While the current situation seems challenging, there is optimism that Render might experience a resurgence later this month, regaining its footing against bearish forces. Furthermore, Render continues to make strides in on-chain developments, maintaining its stance as a prominent decentralized physical infrastructure (DePIN) protocol.
Render’s Impressive Developments in September
Render has shown remarkable progress in September, particularly in terms of technological advancements and partnerships. One of the most significant developments is the platform’s support for Redshift, Mavon’s in-house 3D renderer. This tool is set to greatly enhance Render’s decentralized computing capabilities, offering artists a seamless experience in their creative workflows. With the integration of Mavon’s Cinema 4D, users can expect a smooth transition when utilizing Redshift.
Annabele Siconolfi, a 3D artist who tested the Redshift integration, reported a significant reduction in rendering time, saving over 70-80 hours on a recent project. This efficiency boost underscores the value Render brings to the creative community.
Additionally, Render’s social media presence has seen substantial growth. The platform’s X account has doubled its following, jumping from 100k to 200k followers. This growth signifies enhanced community engagement, which is crucial for decentralized networks. A larger community following fosters trust and belief in Render’s value, potentially strengthening its market position.
RENDER’s Price Movements: Breaking Through Key Levels
Recently, RENDER bulls have successfully breached the $5.3 resistance level, flipping it into a support zone. This achievement comes after a brief bear incursion, and it injects a dose of optimism into the market. As RENDER attempts to stabilize above this new support level, there is potential for continued upward momentum.
However, caution is advised as the relative strength index (RSI) for RENDER is approaching a potential bearish reversal zone. If this materializes, the token could face downward pressure, possibly revisiting the $4.9 level in the short term. Nevertheless, if the bulls maintain their momentum, RENDER could stabilize around $5.3 in the short to medium term. In the long-term, there is a possibility of targeting the $6.3 mark.
