Is Increased User Participation Key to Render Price Recovery?

21 juil.

Is Increased User Participation Key to Render Price Recovery?
24 hour as well as 7 day active addresses count is rising indicating increased user engagement.
At the time of writing, Render Price was hovering close to $6.8 level indicating a mild intraday loss of 2.1%.

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 has 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 has slumped below the key moving averages and trying to regain strength. However, few on chain metrics highlight an increased user engagement which may create a demand and the price may advance.

Render (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. 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 price closer to the 20 day exponential moving average. Though the price has shown some growth in the recent sessions still the bulls lack confidence.

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Furthermore, there has been advancement in few on-chain metrics which highlights the early signs of a price recovery. The 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 Still Struggling To Gain Traction
Render is currently facing significant challenges in the market. It had hit an all-time high of $14 but has been under steady selling pressure since April. This downward trend has continued despite the recovery in the broader market signaling a bearish outlook.



Analysts believe a strong potential in the long term in the AI sector. However, Render needs to overcome hurdles in the short term. The current price seems to be weaker and may face a risk of more downward pressure due to the absence of buyers near the demand.

Despite all this, Render price has the potential for a bullish reversal above the $7.5 level. whereas until the price is maintained below $7.5 level, another selling pressure could drag the price near $5 level.
What’s Next For Render?
Render price has struggled near recent lows but has moved closer to the 20-day EMA. Despite some growth, investors' 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 7-day active addresses 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. Though, Analysts see long-term AI sector potential, short-term hurdles persist. A bullish reversal is possible above $7.5, while staying below this level could lead to further declines near $5.