Render (RENDER) Underperforms Amid Market Pullback

Render (RENDER) Underperforms Amid Market Pullback

Render (RENDER) underperforms in the face of the market’s current pullback, resulting in the token experiencing a strong pullback in the past couple of days. According to CoinGecko, RENDER fell by nearly 13% since last week, showcasing the bearish sentiment prevailing in the market at the start of October. The market dip led to significant liquidations of both long and short positions holding the token. Despite this, there is hope for a potential recovery as Render prepares for ‘Uptober’ later this month. On-chain developments are also in progress for the decentralized physical infrastructure (DePIN) protocol.

Render’s September Achievements

September was a bullish month for Render in terms of developments. One significant achievement was the support for Redshift, Mavon’s in-house 3D renderer. This support enhances Render’s decentralized compute niche for artists, particularly with the integration of Redshift’s C4D file support. Annabele Siconolfi, a 3D artist, reported saving over 70-80 hours in a recent render job using the Redshift integration. Additionally, Render Network’s X account saw a 100% growth, reaching 200k users. This growth in community engagement strengthens Render’s connection with its users and potentially boosts trust and belief in the platform’s value.

RENDER’s Price Outlook

Despite recent challenges, RENDER bulls managed to break through the $5.3 resistance level, turning it into support. While the token aims to consolidate above this level, maintaining momentum is crucial for its upward trajectory. However, the relative strength index (RSI) indicates a possible bearish reversal, suggesting potential downward pressure in the medium term. In case of a bearish scenario, RENDER could retrace to $4.9 in the short term. On the other hand, sustained bullish momentum could stabilize the token around $5.3 before aiming for $6.3 in the long term.