Analyst Forecasts Injective Price Surging to 100 and Render to Achieve 150
Injective (INJ) and Render Token (RNDR) prices have been in a bear market since March, and previous attempts to rebound have been met with resistance. On Monday, Render was trading at $7.5605, a decrease of over 44% from its highest point this year, resulting in a market cap of over $2.9 billion.
Injective, the venture-backed blockchain that gained attention in 2023, has experienced a crash of over 56% from its year-to-date high. This decline has caused its market cap to drop from over $4.86 billion in March to $2.14 billion.
These cryptocurrencies have followed the performance of other meme coins like Cardano, Solana, and Chainlink, which have also seen drops in value.
Injective and Render tokens compared
An analyst with a significant following has made a bullish prediction for INJ and RNDR prices in the long term. Sensei, who has over 33k followers, believes that INJ will reach $100, indicating a potential increase of over 340% from its current level.
Sensei also expects the Render token to rise to $150, suggesting a surge of 2,000% from its current price. The analyst is also optimistic about other tokens like Oasis Network (ROSE) and Bittensor (TAO), which he predicts will reach $2 and $1,000, respectively.
Sensei’s analysis is based on fundamentals and technicals. In regards to the Render Token, he noted that it had formed a cup and handle chart pattern on the monthly chart and had found solid support at the upper side of this pattern, indicating the possibility of a rebound.
Challenges for INJ and RNDR
Both Injective and Render face various challenges. Injective, a blockchain network for the finance industry, has seen a decline in the volume of its assets over the past few months. After reaching a peak of $204 million in March, it has dropped to $114 million, its lowest point since February 17th.
Many prominent names in the ecosystem, such as Hydro Protocol, DojoSwap, and Mito Finance, have experienced asset drops of over 10% in the past 30 days.
However, Injective’s largest DEX, Helix, has handled over $59 million in transactions in the past 24 hours. Additionally, according to the developers, over $1 billion worth of INJ tokens have been staked on the chain.
On the other hand, Render Network is facing strong competition from platforms like Akash Network, which offers decentralized GPUs.
Furthermore, most altcoins are grappling with the lack of significant market-moving news in the cryptocurrency industry. There are also concerns that a new crypto winter, similar to the one experienced from November 2021 to November 2022, may be on the horizon.
