Injective (INJ) and Render Token (RNDR) prices have been in a bear market since March, facing strong resistance in attempts to bounce back. On Monday, Render was trading at $7.5605, down by over 44% from its highest level this year, with a market cap of over $2.9 billion. Injective, a venture-backed blockchain making headlines in 2023, has dropped by over 56% from its year-to-date high, bringing its market cap from over $4.86 billion in March to $2.14 billion.

These cryptocurrencies have dropped in line with the performance of other meme coins like Cardano, Solana, and Chainlink.

Injective vs. Render Tokens

Analyst Turns Bullish on Render and Injective

A well-followed analyst has predicted that INJ and RNDR prices could be poised for a bullish breakout in the longer term. Sensei, with over 33k followers on social media, expects that INJ will jump to $100, representing a potential increase of over 340% from the current level. He also anticipates that Render Token will rise to $150, implying a 2,000% surge from its current price. The analyst is also optimistic about other tokens like Oasis Network (ROSE) and Bittensor (TAO), predicting they will rise to $2 and $1,000, respectively.

$ROSE is going to $2-3
$TAO is going to $1,000
$RNDR is going to $150
$INJ is going to $100

Sensei bases his analysis on both fundamentals and technicals. For Render Token, he noted that it had formed a cup and handle chart pattern on the monthly chart and found strong support at the upper side of this pattern, increasing the possibility of a rebound.

INJ and RNDR Face Headwinds

Fundamentally, Injective and Render are encountering several headwinds. Injective, a blockchain network for the finance industry, has seen the volume of its assets retreat in recent months. After peaking at $204 million in March, the volume has dropped to $114 million, its lowest point since February 17th.

Most major names in the ecosystem, such as Hydro Protocol, DojoSwap, and Mito Finance, have seen their assets drop by over 10% in the past 30 days. However, Helix, its biggest DEX, handled over $59 million in transactions in the past 24 hours. According to developers, over $1 billion worth of INJ tokens has been staked on-chain.

On the other hand, Render Network is facing strong competition from platforms like Akash Network, which offers decentralized GPUs. Additionally, most altcoins are struggling due to the lack of significant market-moving news in the crypto industry. There are also concerns that a new crypto winter, similar to the one from November 2021 to November 2022, could be on the horizon.

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