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.

Stay informed on the latest cryptocurrency news and trends by visiting Global Crypto News.

Post Views: 4