The recent uptrend in Render [RNDR] has captured the attention of many investors, with the altcoin surging by more than 32% after testing a crucial pennant resistance level approximately two weeks ago.
As RNDR now approaches the significant hurdle at the $8 mark, the question arises: Can Render break through this barrier and continue its upward trajectory? Let’s delve into the available data.
RNDR Bulls Targeting the $8 Resistance Zone
The $8 resistance level holds pivotal importance in determining Render’s price movements. This zone serves as both a psychological and technical barrier, having thwarted the altcoin’s price advancement on multiple occasions in the past.
Typically, such levels witness heightened selling pressure as traders seek to capitalize on their accrued profits.
Nevertheless, with 65% of RNDR wallet addresses currently showing profits, there is a prevailing confidence in the bullish prospects of the token.
Fueling this positive outlook is the resurgence in trading activity surrounding the altcoin. Analytics from IntoTheBlock indicate a consistent uptick in trading volume, suggesting a renewed interest from market participants.
This surge in activity implies that the bulls might possess adequate momentum to challenge the $8 barrier.
Encouraging On-chain Metrics for RNDR
Looking beyond price movements, Render’s on-chain data presents an optimistic outlook. Metrics such as active addresses and transaction volumes have been steadily climbing amidst the ongoing rally.
Such trends often indicate a high degree of network utility and investor engagement—fundamental factors that support sustained upward price movements.
Furthermore, RNDR’s recent performance aligns with the broader positive sentiment prevalent in the cryptocurrency market. Favorable macroeconomic conditions and increasing adoption have collectively fueled a bullish trend across the sector.
If this positive market sentiment endures, RNDR could stand to gain further benefits.
Is RNDR Poised to Overcome the Barrier?
To breach the $8 resistance level, RNDR will require sustained buying pressure. Analysis of Coinglass’ liquidation heatmap data by CryptoCrypto suggests an optimistic sentiment among long position holders.
With a substantial amount of RNDR liquidated at $6.6 recently, the next liquidity pool is positioned around $8.2. This pool of liquidity could potentially propel the altcoin’s prices upwards.
A convincing breakout above $8 could pave the way for extended gains, with potential targets set around $9 or higher in the short term.
Conversely, a failure to surpass this critical zone may lead to a temporary retracement.