Render [RNDR] Bulls Set Sights on $8 Resistance Zone, Can They Break Through?

Render [RNDR] has been in the spotlight following its recent bullish momentum. The altcoin has surged by over 32% since it retested a key pennant

Altcoin Render [RNDR] has been making headlines with its recent bullish momentum. After retesting a key pennant resistance roughly two weeks ago, the altcoin has surged by over 32%.

Now, as Render bulls set their sights on the $8 resistance zone, let’s delve into the data to assess the possibility of the altcoin pushing past this barrier and extending its gains.

Render bulls set sights on $8 resistance zoneAfter an extended period of consolidation within a pennant pattern, Render bulls encountered a critical hurdle at the $8 resistance zone.

This level, once breached, could propel the altcoin with further upside potential. However, as RNDR approached this zone, the selling pressure might intensify.

Typically, such levels pique traders’ attention, leading to increased sell activity as they aim to secure profits from their trades.

In the case of Render, this selling pressure might be palpable, given the token’s recent rally and the high percentage of addresses currently in profit.

According to IntoTheBlock, 65% of RNDR addresses are in the green at the moment.

This high level of profitability could lead to traders opting to sell their holdings rather than risk losing their gains in case of a downturn.

However, despite the potential selling pressure at the $8 resistance zone, there were positive signs in Render’s on-chain activity.

The altcoin’s trading volume saw a gradual recovery during this period, hinting at sustained interest from market participants.

This uptick in trading activity was evident in the data from IntoTheBlock, which further highlighted the momentum building behind Render’s price movement.

Could the bulls muster enough strength to overcome the $8 level? Only time will tell.

On-chain metrics paint an optimistic pictureDelving deeper into Render’s on-chain performance, several promising indicators emerged.

For instance, the altcoin’s active address count and transaction volume both exhibited a gradual uptick throughout this rally.

Such trends often suggest a heightened network utility and investor participation—both key sentiments for a sustained upward price movement.

Moreover, Render's recent performance dovetailed with the broader crypto market trend.

The cryptocurrency market has recently turned bullish, fueled by favorable macroeconomic indicators and adoption.

If this positive overall market sentiment sustains, altcoins like Render could benefit further.

According to AMBCrypto’s analysis of Coinglass’ liquidation heatmap data, there was an optimistic outlook for long position takers in Render.

With 272K worth of Render liquidated at a $6.6 price level during the recent dip, the next liquidity pool was at around $8.2.

This liquidity pool may have pulled the altcoin prices further to the upside. A close look at the price chart also revealed a bullish pennant formation, with a breakout from this pattern usually leading to a directional move of at least two times the height of the pennant.

If Render manages to breach the $8 resistance decisively with a sustained close above it, this could pave the way for further gains, potentially targeting $9 or higher in the near term.

Conversely, if the altcoin fails to penetrate this zone, it might encounter a short-term pullback.