Render, the native token of decentralized graphics processing unit-based rendering solutions provider, has gone down by 13% in today’s trading. The token has reached its lowest recorded level in this week alone.
According to data from CoinGecko, Render’s token RENDER(RENDER) has gone below 13% in the last 24 hours of trading. Currently, RENDER is trading hands at $5.16 with a market cap of $2.05 billion.
RENDER started the week at a price of $6.80 on Sept. 30 but has since took a dive on Oct. 1, plummeting to $6.09. Since then, Render’s native token has continued its downward spiral until it reached its lowest point at $5.17 on Oct. 3.
The token saw some gains after it was bought by whales and sharks on Sep. 25, giving it a bullish push by more than 33% within a week. This upside coincided with a fresh spike in artificial intelligence-related tokens, such as Bittensor(TAO) that saw its price rise.
During the aggressive accumulation, whales and sharks boosted Render’s total supply, adding 3.7% to their holdings.
Since then, the token’s price has yet to recover following its dive in October.
In a July price analysis, crypto.news explored the possible rise of RENDER following a 2025 bull run, but that remains to be seen as the demand for artificial-intelligence solution continue to grow.
Render is a decentralized platform for GPU rendering that allows artists to use powerful GPU nodes worldwide for their projects on demand. The company is known for providing solutions in rendering and AI technology.
Render’s native token RENDER, previously labeled with the ticker RNDR, serves as the medium of exchange between users and providers of GPU power.
The Render Network operates under the OTOY technology stack, which uses OctaneRender software. This software is integrated with a wide range of applications including Blender, Adobe After Effects, Houdini, Autodesk Maya, Unreal Engine, and more.
A rebound from the broader cryptocurrency market triggered a $170-billion recovery in valuation, spiking the market cap 8% to $2.26 trillion.
Here are some of the most notable movers to watch this week.
Solana reclaims $160
Last week, Solana (SOL) surged 12%, reclaiming the $160 level and peaking at a two-week high of $162 on Aug. 24 despite setbacks in its ETF product. After closing the week strong, SOL has now pulled back to $157.17.
However, Solana remains above the 200-day EMA at $140.12, signaling ongoing bullish momentum. This week, SOL needs to hold above the 200-day EMA to sustain the ongoing upward trend.
Meanwhile, the Chande Kroll Stop indicators place the Stop Long at $145.22 and the Stop Short at $153.18. Maintaining above $153.18 is key for further gains, as a breach could lead to a bearish reversal.
This week, investors should watch for a retest of the $160 and $162 resistance zones or a decline toward key support at $153.18.
FET spikes 50%
Fetch.ai (FET) closed last week as one of the top gainers, spiking 50% and reclaiming the $1 level. On Aug. 24, FET reached a monthly peak of $1.3 but has since retraced to $1.249.
FET currently trades above the 50-day EMA ($1.108), signaling midterm bullish momentum. However, it remains below the 200-day EMA ($1.766), indicating lingering long-term bearish sentiment.
FET’s immediate resistance points this week are at $1.447 and $1.565, with strong support at $1.063 and $0.945, with a pivot level of $1.255. A break above the resistance could target the 200-day EMA, while failing to hold support would lead to a drop below the 50-day EMA.
RENDER breaches upper Bollinger Band
Render (RENDER) saw a 37% rise last week, reclaiming the $6 level for the first time this month.
Currently trading at $6.153, RENDER is comfortably above the Upper Bollinger Band ($5.894), which often signals overbought conditions. This suggests a potential pullback or consolidation might be on the horizon.
However, the strong trend indicated by the ADX at 33.25 supports the idea of sustained upward momentum. The asset maintains a bullish bias with the +DI at 28.35 and -DI at 16.63.
If the current momentum holds this week, Render could aim for higher targets around $6.5 and potentially $7.0.
Nonetheless, a dip below the Upper Band might lead to a retest of the 21-day moving average ($4.875).
Nvidia stock crawled back on Monday, Aug. 5, giving all asset class investors hope that a buy-the-dip opportunity exists.
Is this all a big dead cat bounce?
Nvidia stock traded as low as $90.69 on Aug. 5 and investors sensed a buying opportunity as shares quickly reclaimed the $100 level. This rebound happened even as the Dow Jones dropped by over 1,000 points and the S&P 500 and the Nasdaq 100 index experienced its first ever intraday 1,000 point decline.
NVDA’s recovery mirrored a similar comeback seen in several notable altcoin names, both small and big. Dogecoin (DOGE), for example, rose to $0.093, up by over 16% from its lowest point. JasmyCoin (JASMY), the popular Japanese crypto rose to $0.021, 35% higher than the daily low.
Render Token (RNDR), a leading AI cryptocurrency, rose by 25% from this week’s low.
Bitcoin (BTC) also pared back some of its previous losses and was trading at $54,500. Ethereum (ETH) rose to $2,440. Still, it is unclear whether these gains will hold because of the elevated risk in the financial market. Perhaps, the rebound could be a dead cat bounce, a situation where an asset in a freefall bounces back briefly and then resumes its prior downtrend momentum.
The other risk is that the S&P 500 index formed a high-risk rising wedge chart pattern on the weekly chart. In most cases, this pattern leads to more selloffs, as has already happened.
Technology stocks like Nvidia and cryptocurrencies have some correlation, which explains why altcoins like Render and Jasmy rose during the morning session in the US. These tokens rose as investors bought the dip after they became oversold. On the daily chart, Render’s Relative Strength Index (RSI) moved to 26 while Jasmy and Dogecoin’s fell to 24 and 27, respectively.
The bullish case for NVDA and altcoins
On the positive side, some potential catalysts could push Nvidia and cryptocurrencies higher. The main catalyst is that the US is moving to a recession, according to Goldman Sachsand the Sahm Rule.
If this is correct, then the Federal Reserve will likely intervene by cutting interest rates in its September meeting. Professor Jeremy Siegel has made a case for a super-jumbo 75 basis point cut.
The implied market probability of a 50 basis point cut by the Federal Reserve in September suddenly surged from essentially de minimis to some 80% as traders increased their overall expectation of both the size and the speed of a Fed cutting cycle. It is certainly possible that,…
Cryptocurrencies and other risky assets thrive when the Fed is slashing interest rates, as we saw during the Covid-19 pandemic. At the time, global stocks and cryptocurrencies soared even as the Covid-19 pandemic continued.
The other positive factor for stocks and cryptocurrencies is that earnings have been solid despite the weakness from Tesla and Intel. With over 70% of all S&P 500 companies having released their numbers, the blended revenue growth has been 11.5%, the highest level since Q4’21.
For Nvidia, the next important catalyst will come on August 28 when the company publishes its financial results. Analysts expect the numbers to show that revenue rose to $28 billion from $26 billion in Q1.
With the 2025 bull run around the corner, the Render Network price can rise dramatically. The surge in demand for 3D graphics in entertainment raises the question: Could RENDER soar to $25 by 2025? Let’s explore the factors at play.
Table of Contents
What is Render?
The Render Network is a decentralized platform for GPU rendering that allows artists to use powerful GPU nodes worldwide for their projects on demand. Node providers contribute their unused GPU power to a blockchain-based marketplace, which enables faster and cheaper rendering than traditional centralized services. In this system, the Render token serves as the medium of exchange between users and providers of GPU power.
Moreover, Render Network is part of the OTOY technology stack, which uses OctaneRender software. The integration extends to widely used applications such as Blender, Adobe After Effects, Houdini, Autodesk Maya, Unreal Engine, and more.
Market potential
The entertainment industry, particularly gaming and cinema, is the primary market for 3D graphics rendering. The demand for computer-generated imagery (CGI) and animation only continues to grow. For example, according to PwC Global, the entertainment sector can potentially exceed $3 trillion in value.
The growing demand for 3D graphics will favor platforms such as Render that offer scalable rendering services. Additionally, the Render Network’s availability on multiple blockchain networks – Ethereum, Polygon, and Solana – provides additional flexibility and reach. Among these, Solana stands out as particularly capable of handling increased rendering workloads due to its high scalability and cheap transaction fees.
Furthermore, Render has already collaborated with major productions, including the VR experience for “Batman: The Animated Series” and the opening titles for “Westworld.”
Market position
As of July 25, Render Network is number 2 in distributed computing, second only to Internet Computer, and ranks 32nd in the broader crypto market with a market cap of around $2.6 billion.
While some folks might be popping hopium pills and dreaming of tokens skyrocketing to $100 or even $1,000, the price analysis must be realistic. Render’s already high-ranking position limits its growth potential. It’s not really about crushing dreams but about looking at the market with clear eyes instead of rose-tinted glasses.
Inflation and supply
Render Network does not face significant concerns over token unlocks, as most tokens have already been unlocked. The only new tokens entering circulation are due to the inflation rate, set at 760,567 RENDER per month to incentivize users. However, the actual circulating supply has inflated differently. From January 2024 to July 2024, the supply increased by 18,950,928 RENDER, resulting in a 5.1% inflation rate over six months.
Source: https://token.unlocks.app/render-token
The Burn Mint Equilibrium deflationary mechanism has not prevented this level of inflation. If the trend continues, the annual inflation rate will reach 10.2%. This metric is crucial for forecasting the supply by mid-2025 to accurately assess the token’s valuation. Starting with a supply of 390,859,381 tokens, the projected supply would be approximately 430,727,038 RENDER.
Correlation with Bitcoin price movements
Analysis of the Pearson correlation coefficient between RENDER and BTC from 2020 to July 2024 shows a correlation of 0.727. The result indicates a strong linear relationship, with RENDER’s price movements closely following BTC’s.
The analysis also looked at the yearly standard deviations for RENDER and BTC, which were 1.725 and 0.616, respectively. Furthermore, RENDER had annual returns of 235.69%, while BTC had 62.98%. These numbers helped create a model to predict RENDER’s price changes based on BTC’s movements.
RENDER
BTC
Annual Return
235.69%
62.98%
Annual St. Deviation
1.725
0.616
Pearson Correlation Coefficient
0.727
0.727
Render’s 2025 bull run price analysis
We developed a model with three scenarios: bear case, base case, and bull case. These scenarios correspond to BTC prices in 2025 of $100,000, $150,000, and $200,000, respectively. By standardizing the changes in BTC and RENDER, we calculated the expected price for RENDER in each scenario. The calculations assume a BTC price of $65,000 and a RENDER price of $6.80 as the starting points:
Bear Case
Base Case
Bull Case
BTC
$100,000
$150,000
$200,000
RENDER
$14.26
$24.91
$35.57
The base case scenario appears to be the most realistic. Given the calculated supply, it projects RENDER reaching a market cap of approximately $10.73 billion and a price of $24.91. This market cap seems achievable, considering RENDER will not be the only token to rise during a bull run.
Cryptocurrencies and stocks rebounded on Wednesday after the weak US inflation data and as investors bought the recent dip. Bitcoin approached the key ,000 level while futures tied to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here is the outlook for some of the more followed cryptocurrencies on Wednesday: Render Token (RNDR), Floki, and Arweave (AR).
Render Token price
Render Token has been under pressure this week as the altcoin sell-off gained steam. It crashed from this month’s high of .86 to a low of .98
The token then bounced back after the encouraging US inflation data, which came a few hours before the Fed delivers its interest rate decision. Render and other tokens should benefit if the Fed points to future rate cuts.
On the daily chart, as the token bounced back, it formed a bullish engulfing pattern, a popular sign of a reversal. At the time of writing, it was attempting to cross the 100-day Exponential Moving Average (EMA).
Render has also rebounded above the 38.2% Fibonacci Retracement point. It also remains below the Woodie pivot point. Therefore, these gains should be taken with a grain of salt since the token has formed a double-top pattern.
A likely scenario is where it resumes the bearish trend as sellers target the key support at .9890, its lowest level this week.
Arweave price forecast
Arweave, a leading player in the Web3 storage industry, has been under pressure after peaking at .82 on May 18th. It has moved into a deep bear market after crashing by over 30% from that peak.
Arweave has crashed below the 50-day moving average and is hovering slightly above the first support of the Woodie pivot point. On the positive side, the token has formed what looks like an inverse head and shoulders (H&S) pattern, which is a popular bullish sign.
Arweave also remains between the middle and the first support line of the Schiff pitchfork tool. Therefore, the outlook for the token is mildly bullish, with the next target level being at the Woodie pivot point at .70.
This view will become invalid if the token drops below the first support at .68 since it will invalidate the inverse H&S pattern.
Floki, one of the most popular meme coins has also plunged hard in the past few days. It crashed from the year-to-date high of .0003485 to a low of .0002195 on Wednesday.
This decline happened as the pair formed a double-top pattern at .0003140 whose neckline was at .0001130. In most cases, this is one of the most bearish patterns in technical analysis.
On the positive side, the token has found support at the 50-day and 100-day Exponential Moving Averages (EMA).
Therefore, the token’s outlook is bearish, with the next reference level to watch being at .00017, which is about 30% below the current level. The alternative scenario is where the token rebounds and hits the upper side of the double-top at .0003140.
