- Render surged over 32% after retesting a key resistance level two weeks ago.
- Number of addresses in profits and recovering trading activity suggested the potential for further upside.
As a crypto investor, I’ve noticed the increased attention on RNDR lately due to its impressive upward trend. This altcoin has experienced a significant jump of more than 32% since it touched upon a crucial resistance level in a pennant pattern roughly two weeks back.
Will the current strong surge encounter a significant challenge near the $8 mark, a potential resistance point? Could the momentum of Render continue to propel beyond this obstacle, leading to further growth? Let’s delve into the details for more insights.
Render bulls set sights on $8 resistance zone
For Render’s price, the $8 mark now holds significant importance. This area serves as both a psychological and technical hurdle, as the coin’s price has previously been pushed back from this level on multiple occasions.
Historically, these high levels frequently experience an influx of selling activity, as traders seek to realize their accumulated gains.
Despite the fact that about two-thirds of RNDR tokens are currently profitable, faith in the token’s bullish future is unwavering.
Enhancing this sense of optimism was the resurge in trading of the alternative coin. As per IntoTheBlock’s data, its trading volume has been gradually recovering, suggesting increased attention from market players.
The increase in activity indicates that the bulls might possess enough power to attempt pushing prices towards the $8 mark.
On-chain metrics offer optimism
Apart from observing just the price movements, it’s worth noting that Render’s on-chain statistics presented an encouraging scenario as well. For example, the number of active addresses for this altcoin has consistently risen during the upward trend, and so has its transaction volume.
Frequently, this situation suggests a significant network value and active involvement by investors – two crucial factors that usually contribute to prolonged price increases.
The latest performance of Render follows the general upward trend observed in the crypto market. This market surge is primarily driven by positive economic signals and increased adoption.
The altcoin could benefit further if this positive overall market sentiment sustains.
Can Render break through?
To surpass the $8 barrier, it’s crucial that RNDR maintains strong, continuous buying support. Analyzing data from Coinglass’ liquidation heatmap, as presented by AMBCrypto, indicates a sense of optimism among those holding long positions.
272 thousand units of Render were sold off at a price of $6.6 during the recent market downturn. The next liquidity pool was situated approximately at $8.2. This significant pool of liquid assets could potentially push the price of Altcoins even higher.
Read Render’s [RNDR] Price Prediction 2025–2026
If the price breaks significantly above $8, it could signal a continuation of growth, possibly aiming towards $9 or even beyond, in the upcoming period.
Conversely, failure to breach this zone might lead to a short-term pullback.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2025-01-05 09:11