- Since March, the prices of injectable (INJ) and render token (RNDR) have been in a bear market, and previous attempts to recover have encountered significant resistance.
- Render had a market valuation of more over $2.9 billion as of Monday, when it was trading at $7.5605, down more than 44% from its peak this year.
The venture-backed blockchain known as Injective, which gained popularity in 2023, has plummeted by more than 56% from its peak so far this year. Its market value dropped to $2.14 billion from over $4.86 billion in March due to this decline.
These cryptocurrencies have declined in tandem with how other meme coins, like as Chainlink, Solana, and Cardano, have performed.
Analyst becomes optimistic about injective and render
According to a well-known analyst, the longer term prices of RNDR and INJ may be ready for a positive breakthrough. With more than 33k X followers, Sensei predicts that INJ will reach $100, which would indicate a rise of more than 340% from its current price.
He also projects that the price of Render Token would go to $150, which would represent a 2,000% increase from its current level. In addition, the analyst believes that other tokens, such as Oasis Network (ROSE) and Bittensor (TAO), would increase in value to $2 and $1,000, respectively.
Sensei uses technicals and fundamentals to inform his analysis. He mentioned that it had created a cup and handle chart pattern on the monthly chart in his writing on the render token. Additionally, it has discovered a robust support near the upper part of this pattern, increasing the likelihood of a reversal.
The headwinds are INJ and RNDR
Fundamentally, there are a lot of obstacles for Injective and Render. The volume of assets on Injective, a blockchain network for the finance sector, has decreased during the last several months. It fell to $114 million, its lowest since February 17th, from a peak of $204 million in March.
The assets of the majority of the ecosystem’s well-known companies, including Hydro Protocol, DojoSwap, and Mito Finance, have decreased by more than 10% in the last 30 days.
Even so, Helix, the largest DEX, processed more than $59 million worth of transactions on the previous day. Additionally, the creators claim that INJ coins worth over $1 billion have been staked on the chain.
However, platforms that provide decentralized GPUs, such as Akash Network, are posing a serious threat to Render Network.
The majority of altcoins also struggle with the dearth of significant, market-moving news in the cryptocurrency space. There are also worries that we may be on the verge of another crypto winter similar to the one that occurred in November 2021–November 2022.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
