RNDR Price Struggles to Gain Traction Amidst the Influx of Billions into Bitcoin ETFs
- WBOYOriginal
- 2024-07-22 08:15:191098browse
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.
Many altcoins are gaining traction. This is largely due to the influx of billions into Bitcoin ETFs. The broader markets have also recovered after a significant selloff in the first week of July. However, Render failed to attract investors as of now.
Render has been in a turbulent market with its price action reflecting a mix of bullish sentiment and bearish pressure. The price has slumped below the key moving averages and is trying to regain strength. However, few on-chain metrics highlight increased user engagement.
A decentralized GPU rendering network built on the Ethereum blockchain, RNDR connects artists and studios that require 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
The 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 an advancement in few on-chain metrics which are early signs of a price recovery. Active addresses have nearly doubled in a week indicating an 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.
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