RNDR price rises 22% in a week as Q3 registers exceptional growth

• RNDR price at $3.6 is presently trading at a 22-month high, closing in on $4.0.
• The Render Network experienced a 75% increase in RNDR payouts in Q3 compared to Q2.
• Despite observing a positive Q3, the network has noted a 46% decrease in new investors, likely due to the bullish cues halting.

RNDR price has reached new highs this year, reclaiming a chunk of what it lost in 2022. The surge of interest in Artificial Intelligence (AI) in 2023 has been one of the biggest driving factors of this rally, which is reflected in the demand of Render Network as well.

RNDR price nears crucial level

RNDR price, trading at $3.6 at the time of writing, has seen considerable growth in the last couple of days. Up by 22% in a week, the altcoin marked fresh year-to-date highs of $3.8, which was also the highest price noted by RNDR in the last 22 months.

Given its rally, it may seem like the Render Network token is inching close to hitting $4.0; in actuality, it may not be able to do so. The recent rise seems to have likely exhausted the bullishness experienced by the altcoin. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) do not exhibit much room for further increase, and RNDR will mostly face some challenges, flipping $3.7 and $3.9 resistance levels into support.

Nevertheless, given the broader market bullish cues and the positive performance of the Render Network in Q3, RNDR might manage to push past these resistance levels to hit $4.0.

RNDR/USD 3-day chart

But if the breach fails, a return to $3.4 is also a very likely outcome. Furthermore, if this support level is invalidated by the altcoin, RNDR price will see a fall back to $3.0, erasing the gains noted since the beginning of the month.

Render Network impresses in Q3, but not enough

The Render Network recently released its Q3 report, which highlighted that the AI protocol had a good performance between July and September. As reported by Render, over 1.12 million frames were rendered in October alone, which accounted for nearly 50% of the totals (Frames Rendered and RNDR Used) from the previous three quarters individually.

Additionally, a 50% increase was noted across these categories when compared to the same time period in 2022, where 681.8k frames were rendered in October 2022 vs. 1.12 million frames rendered in October 2023 and 148.6k RNDR used in October 2022 vs. 337.8k RNDR used in October 2023.

Additionally, Render Network experienced a 75% increase in payouts in the third quarter of the year, attributing it to new types of rendering jobs on the network, such as large-scale projection mapping renders for the Las Vegas Sphere.

However, despite the impressive Q3, the network is seeing a sharp fall in the number of investors. The network growth has declined by 43% as the number of new addresses forming on the network has declined over the past month. 

Render Network network growth

While the exact reason cannot be known, the drop in new investors could be the result of the investors expecting a halt in the bullishness of the market and the altcoin. This may not be far from the truth either, as RNDR price will likely witness this exhaustion in the coming weeks.