Render Price Drops 4.5% as Company Announces Key Mobile App Expansion

The Render price has plunged 4.5% in the last 24 hours to trade at $5.61 as of 3:22 a.m. EST on a 23.8% surge in trading volume to $90 million, pushing the market cap to $2.2 billion. This comes as Render Networks announces an expansion of its mobile app suite and device options, strengthening its leadership in construction management and enabling teams to work at least 15% faster.

At #FiberConnect, Render announced the expansion of our mobile application and device choice empowering field crews to manage their complete scope of work more efficiently and increase adoption by utilizing their preferred smartphone or tablet device: https://t.co/8wLrXhP7za pic.twitter.com/jcI79sdPNg

— Render Networks (@RenderNetworks) July 31, 2024

The new update enhances Render’s mobile-first approach, allowing field crews to document and complete construction, connection, or maintenance tasks using their preferred smartphone or tablet. Crews can now edit proposed tasks and make changes on any device, capturing all completed work on the network for precise progress reporting and as-built handovers. This flexibility boosts field adoption and real-time data capture, significantly improving productivity from field to office.

According to Render Networks CEO Sam Pratt, “The increasing costs of construction, growing demand for broadband services, and anticipated shortage of skilled labor are creating tough conditions for network operators and builders. Our customers have shown that productivity can be significantly enhanced with specialized technology, and the total cost of labor often constitutes the largest portion of a project’s CAPEX investment.”

Render Price Statistics

• Render price: $5.61
• Market cap: $2.2 billion 
• Trading volume: $90 million
• Circulating supply: 395.5 million 
• Total supply: 532 million 

Bears Might Continue the Downtrend Trend

The Render has been experiencing a steady downward trend with the bears investing by pushing the price lower at the support level of $5.7455. The daily chart shows no chance of the bears giving up soon on pushing the price much lower due to the descending triangle pattern formed.

The price trades below the 50-day simple moving averages (SMA) and the 200-day SMA on the daily chart. The moving averages act as a key resistance level, signalling the continuation of the bearish momentum, which will allow the sellers to continue profiting more. The Relative strength index (RSI) trades below the 50 mid-line level, and the bears may continue with their momentum. Since the RSI nears the 30 oversold level, surpassing it might create a new all-time low for the price.

The Moving Average Convergence Divergence (MACD) also signals the continuation of bearish momentum. The blue line is seen to have been surpassed by the orange signal line, indicating a potential bearish momentum. The increase in the size of the red bars in the MACD also supports the likelihood of a bearish rally.

Render Price Prediction

The bears have historically demonstrated their dominance by consistently pushing the price downward. They are currently aiming for a target price of $3.6895. Conversely, if the bulls gather enough strength, they could reverse the trend and drive the price up to $8.10925.

This potential upward movement would be a win for buyers, as they would benefit from the higher prices. The outcome hinges on which side gains more traction. If the bears maintain control, the price may continue to fall, but if the bulls take charge, substantial gains could be made for those holding positions.