Injective (INJ) and Render Token (RNDR) prices have been trapped in a downturn since March, encountering formidable resistance in their efforts to rebound. Trading at $7.5605 on Monday, Render was down over 44% from its peak in the current year, with a market cap exceeding $2.9 billion.
Injective, the venture-backed blockchain sensation of 2023, has plummeted by more than 56% from its annual high. This decline has slashed its market cap from a lofty $4.86 billion in March to $2.14 billion.
These digital currencies have mirrored the performance of other meme coins such as Cardano, Solana, and Chainlink.
Injective versus Render Tokens
Analysts show optimism towards Render and Injective
A highly respected analyst is optimistic about potential bullish developments for INJ and RNDR in the long run. Boasting a substantial following of over 33,000, Sensei anticipates a surge in INJ to $100, marking a potential 340% increase from the present value.
Moreover, Sensei foresees Render token climbing to $150, signaling an impressive 2,000% surge from its existing price. The analyst also expresses bullish sentiments towards other tokens like Oasis Network (ROSE) and Bittensor (TAO), predicting respective price hikes to $2 and $1,000.
Sensei’s analysis draws upon fundamental and technical indicators. Evaluating the Render Token, he highlights the formation of a cup and handle chart pattern on the monthly chart, underpinned by robust support at the pattern’s upper threshold, suggesting a potential rebound.
INJ and RNDR Encounter Challenges
Injective and Render are grappling with significant challenges on various fronts. Injective, a blockchain network tailored for the finance sector, has seen a decline in the volume of its assets over the past few months. After peaking at $204 million in March, the figure has dwindled to $114 million, marking its lowest level since February 17th.
Major players within the ecosystem, like Hydro Protocol, DojoSwap, and Mito Finance, have witnessed asset erosion of over 10% in the last 30 days.
Nevertheless, its primary DEX, Helix, facilitated transactions exceeding $59 million in the previous 24 hours. Additionally, developers have reported that staked INJ tokens on the chain have surpassed the $1 billion mark.
Conversely, Render Network is facing stiff competition from platforms like Akash Network, which provide decentralized GPUs.
Furthermore, most altcoins are grappling with a dearth of significant market-moving developments in the cryptocurrency sector. Concerns loom over the potential onset of a new crypto winter, akin to the one experienced from November 2021 to November 2022.