Injective (INJ) and Render Token (RNDR) Prices Could Be Ripe for a Bullish Breakout, Analyst Says

Injective (INJ) and Render Token (RNDR) prices have remained in a bear market since March and prior attempts to bounce faced strong resistance.

INJ and RNDR prices have crashed substantially this year as the crypto market melts down. Render was trading at $7.5605 on Monday, down by over 44% from its highest level this year, giving it a market cap of over $2.9 billion. Injective, the venture-backed blockchain that made waves in 2023, has crashed by over 56% from the year-to-date high. This drop has brought 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. A well-followed analyst has predicted that INJ and RNDR prices could be ripe for a bullish breakout in the longer term. Sensei, who has over 33k X followers, expects that INJ will jump to $100, meaning that it could soar by over 340% from the current level. He also expects that Render token will rise to $150, implying a 2,000% surge from the current price. The analyst is also bullish on other tokens like Oasis Network (ROSE) and Bittensor (TAO), which he expects 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

The analyst bases his analysis on fundamentals and technicals. Writing on the Render Token, he noted that it had formed a cup and handle chart pattern on the monthly chart. It had also found a strong support at the upper side of this pattern, raising the possibility of a rebound.

$RNDR Monthly

Hold this support to stay Bullish ! pic.twitter.com/fLs1cF7YWL

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

Most big names in the ecosystem like Hydro Protocol, DojoSwap, and Mito Finance have seen their assets drop by over 10% in the past 30 days.

Still, Helix, its biggest DEX, handled over $59 million in transactions in the past 24 hours. Also, according to the developers, over $1 billion worth of INJ tokens have been staked on chain.

On the other hand, Render Network is seeing strong competition from the likes of Akash Network, a platform that offers decentralized GPUs.

Further, most altcoins are contending with the lack of major market-moving news in the crypto industry. There are also concerns that a new crypto winter like the one that happened from November 2021 to November 2022 could be about to happen.