Render (RENDER) underperforms given the current market downturn, causing the token to suffer a strong retraction in recent days. According to CoinGeckoRENDER is down nearly 13% since last week, putting into perspective the bearishness that outpaced market bulls in early October.
Although the market fell by a small margin, it caused massive liquidations of long and short positions holding the token. For Render, “Uptober” could arrive later this month as the token regains lost ground against bears. However, on-chain developments continue to occur for one of the most well-known decentralized physical infrastructure protocols (DePIN).
Rendering displays September achievements
September for Rendering is incredibly optimistic in terms of developments, one of the most notable is its support for Redshift, Mavon’s in-house 3D renderer. The tool itself has features that would heavily leverage Render’s niche decentralized computing that artists use in their workflow. With Coin already supporting C4D file support from Mavon’s Cinema 4D platform, Redshift users should expect no issues using the integration.
— The Render Network (@rendernetwork) October 1, 2024
Annabele Siconolfi, a 3D artist who experimented with integrating Redshift into the platform, estimates the time saved in a recent render work in more than 70-80 hours.
The Render Network X account also grown by 100%; from 100 thousand to 200 thousand. The Render X account is one of the ways in which the platform can interact with the community, further enhancing its connection with Render users.
— The Render Network (@rendernetwork) September 30, 2024
Community involvement is important for decentralized networks as it helps to include the community in the decision-making process. With this huge jump in community followers, trust and belief in the value of Render may have improved over the last month.
INCOME exceeds US$5.3 – will it be able to continue its trajectory?
At the current pace, RENDER bulls have broken through the $5.3 resistance – turning it into support – following a brief near-term advance by the bears. As RENDER attempts to stabilize above its current support level, the token may have enough momentum to continue its current trajectory.
However, the token’s relative strength index (RSI) is entering a possible bearish reversal zone that could support bearish movement in the medium term. If this occurs, RENDER’s position will be compromised with a possible return to US$4.9 in the short term.
If bulls continue to fight for control of RENDER’s momentum, the token will stabilize at $5.3 in the short to medium term before bulls can move higher, possibly targeting $6.3 in the long term.
Featured image from Pexels, chart from TradingView