Today, Crypto Lists will discuss Render (RENDER), previous ticker RNDR, price estimates from a technical and fundamental analysis perspective.
September has traditionally been a tough month for cryptocurrencies, and last week was no exception. Weakening demand and rising exchange inflows indicate that many traders are selling off to reduce risk, expecting prices to fall further. A significant amount of capital has been pulled from Bitcoin and Ethereum ETFs, highlighting growing uncertainty among investors.
The US reported weaker-than-expected job data for August and concerns over a potential economic slowdown led investors to shy away from riskier assets like cryptocurrencies. Render (RENDER) has weakened from $6.57 to $4.44 since August 27, 2024, and the current price stands at $5.15. But where is the price of RENDER going next, and what can we expect from the rest of September 2024?
Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Designed to enable the renting and selling of computing power
- 2 A difficult period for cryptocurrencies
- 3 ETFs still a massive factor
- 4 Technical analysis for RENDER
- 5 Important support & resistance levels for RENDER
- 6 What speaks for the rise in the RENDER price
- 7 What indicates the downfall of RENDER
- 8 What do analysts and experts say?
Designed to enable the renting and selling of computing power
Render is a decentralized, peer-to-peer network of interconnected graphics processing units (GPUs) designed to enable the renting and selling of computing power, primarily for digital rendering tasks. Render harnesses idle GPU computing power from around the world, providing scalable, efficient, and cost-effective rendering solutions for digital artists and developers.
More specifically, Render is used for virtual productions that require a large amount of computing power, like virtual reality applications, 3D environments for 3D content creation, and motion graphics.
Initially developed as a Layer 2 solution on Ethereum, Render transitioned to the Solana blockchain in late 2023 following a community vote, aiming to achieve faster transactions and lower fees. Users were given the option to either remain on Ethereum, keeping their ERC-20 RNDR tokens, or upgrade to Solana by migrating their tokens to the SPL version, RENDER.
Render’s native utility token, RENDER, is categorized as a service token, supporting projects that provide tools for managing and sharing data through blockchain technology. RENDER tokens are specifically used to compensate GPU owners for rendering services and to facilitate transactions within the network.
The price of RENDER is usually tied to the overall sentiment on the cryptocurrency market, and like many other cryptocurrencies, RENDER lost value after Bitcoin weakened from its recent highs. Not long ago, RENDER was trading above $13 ( March 17, 2024), but since then RENDER has significantly lost in value, and according to the current market situation, the risk of further decline is still not over.
A difficult period for cryptocurrencies
Historically, September has been a bearish period for cryptocurrencies, and last week is no exception. Weakened demand, coupled with rising exchange inflows, indicates that many traders are offloading assets to mitigate potential risks. Many crypto analysts say that it is yet uncertain whether Bitcoin will continue to trade above $50,000 amid last week’s sell-off but what is for sure is that the prices of many cryptocurrencies including RENDER will decrease in value even more if Bitcoin falls again below $50,000.
At the same time, weaker-than-expected U.S. job data and fears of a potential economic slowdown have made investors more cautious, steering them away from riskier assets like cryptocurrencies. The broader market is wrestling with economic uncertainty and shaky investor confidence. Given the soft job numbers and persistent macroeconomic concerns, crypto market volatility is likely to continue, with further declines possible if the economic outlook doesn’t improve soon.
ETFs still a massive factor
Notably, on Friday, U.S. spot Bitcoin ETFs saw substantial outflows, totaling $211.15 million, which was the ninth straight day of withdrawals. Fidelity’s FBTC led the losses with $149.49 million pulled out, followed by Bitwise’s BITB with $30 million and Grayscale’s GBTC at $23.22 million. Daily trading volume for Bitcoin ETFs also took a hit, dropping to $1.35 billion.
A slowdown in net inflows is certainly a negative factor for RENDER that will continue to influence the price of this cryptocurrency in the weeks ahead. RENDER is a highly risky investment and investors should consider that RENDER can be subject to speculative trading, and speculative traders may take advantage of a broader market downturn and sell off their altcoin holdings, including RENDER, contributing to its price decrease.
Technical analysis for RENDER
Render (RENDER) has weakened from $6.57 to $4.44 since August 27, 2024, and the current price stands at $5.15. The risk of further decline is still not over and in the weeks ahead, the price of RENDER could continue to be under selling pressure. In the chart below, I marked the important resistance level, and as long the price of RENDER is below this level, we can’t talk about a trend reversal, and the price of RENDER remains in the SELL-ZONE.
Important support & resistance levels for RENDER
On this chart (the period from February 2024), I marked important support and resistance levels that can help traders understand where the price could move. RENDER remains under pressure, but if the price advances above $8, the next target could be an important resistance level at $10. The strong support level is $4.5, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $4.
What speaks for the rise in the RENDER price
The Render Network tackles major inefficiencies in the digital content creation space, especially the steep costs faced by creators and the heavy computational demands of 3D rendering. Traditional rendering, especially for complex projects like CGI in films, animations, or intricate 3D models, demands massive computational power. This often results in high costs and long wait times, making the process burdensome for artists and developers. Investors should also consider that the overall sentiment on the cryptocurrency market can play a crucial role in RENDER’s price trajectory. If investors regain confidence and the market recovers from recent setbacks, an upside potential could benefit RENDER and other cryptocurrencies.
What indicates the downfall of RENDER
A drop in the number of users or projects utilizing Render’s services could indicate waning interest or confidence in the platform. Problems with the technology, such as inefficiencies, bugs, or scalability issues, could undermine its viability. At the same time, the emergence of stronger competitors offering better or more cost-effective solutions might erode Render’s market share. The strong support level for RENDER stands at $4.5, and if the price falls below this level, the next target could be $4. The price of RENDER is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $50000 price level, that would certainly have a negative influence on the price of RENDER.
What do analysts and experts say?
The Render Network addresses key inefficiencies in digital content creation, particularly the high costs and heavy computational demands of 3D rendering. Traditional rendering, especially for complex projects like CGI in films, animations, or detailed 3D models, requires a huge amount of computational power. This often leads to expensive costs and long wait times, making the process challenging for artists and developers. Crypto analysts agree that this project could have a bright future but investors should also consider that the emergence of stronger competitors offering better or more cost-effective solutions might erode Render’s market share. Like many cryptocurrencies, RENDER is influenced by overall market sentiment and crypto analysts agree that if the RENDER trading volume continues to fall, then the selling pressure can push the price toward new lows.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
