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Many altcoins are gaining traction amidst the influx of billions into Bitcoin ETFs. The broader markets have also recovered after a significant selloff in the 1st week of July. However, Render failed to attract the investors as of now.
Render has been facing a turbulent market, with its price action reflecting a mix of bullish sentiment and bearish pressure. The price slumped below the key moving averages and is trying to regain strength. However, few on-chain metrics highlight increased user engagement.
RNDR is a decentralized GPU rendering network built on the Ethereum blockchain. It connects artists and studios requiring GPU compute power with mining partners who rent out their GPU capabilities. It aims to provide a cost-effective and accessible rendering service for creative professionals, enhancing their ability to produce high-quality visual content.
User Engagement on the Rise
Render price seemed to be struggling near the lows for the last two weeks. However, the recent sessions have brought the price closer to the 20 day EMA. Though the price has grown in recent sessions, still, the bulls lack confidence.
Furthermore, there has been advancement in few on-chain metrics which are early signs of a price recovery. Active addresses have nearly doubled in a week indicating impressive growth in the number of users.
The 24 hour active addresses have surged from nearly 2670 to 4960 a week while 7 day active addresses have surged from 11.87K to 23.48K. An increased active addresses generally leaves a positive impact on the RNDR price.
Render Price is Still Struggling to Gain Traction
Render is currently facing significant challenges in the market. It hit its all-time high of $14 but was under steady selling pressure since April. This downward trend has continued despite the recovery in the broader market, signaling a bearish outlook.
The AI sector is expected to grow and develop rapidly in the long-term. However, Render needs to overcome hurdles in the short term. At the current level, RNDR may face a risk of more downward pressure due to the absence of buyers near the demand zone.
Despite all this, Render has the potential for a bullish reversal above the $7.5 level. Whereas, until the price remains below the $7.5 level, more selling pressure could drag the price to the $5 mark.
What’s Next for Render?
Render price struggled near recent lows but has moved closer to the 20-day EMA. Despite some growth, investor confidence remains low. On-chain metrics show early recovery signs, with active addresses doubling in a week.
Moreover, 24-hour active addresses rose from 2,670 to 4,960, and the 7-day active addresses went from 11.87K to 23.48K, indicating user growth.
Render faced market challenges, having dropped from an all-time high of $14 amid steady selling pressure. Short-term hurdles persist, though long-term prospects seem bright amid high expectations from the AI sector. A bullish reversal could take RNDR beyond the $7.5 mark. Staying below this level could mean RNDR would decline to the $5 mark.