Date: Sat, June 14, 2025 | 05:59 AM GMT
The cryptocurrency market has recently experienced a shake-up following mounting geopolitical tensions between Israel and Iran. Ethereum (ETH) took a sharper 8% hit in last 48 hours, now hovering near $2,550. Unsurprisingly, altcoins weren’t spared — and Render (RENDER) is among the notable assets facing a pullback.
RENDER saw a weekly decline of over 10%, but it’s now showing signs of bounce back, turning green today. A classic technical breakout and retest formation suggests the token may be setting up for a potential bullish continuation.
Descending Broadening Wedge Retest
On the 4-hour chart, RENDER had been trading within a descending broadening wedge pattern — a structure typically considered bullish due to its expanding range and weakening bearish momentum. The token dropped from its May 23 peak around $5.34 to a local bottom at $3.47 on June 6, forming lower highs and lower lows along the way.
But the narrative shifted on June 7, when RENDER broke out above the wedge near $3.85, flipping a long-standing descending resistance into fresh support. Following the breakout, price surged to $4.19, marking a short-term bullish reversal.
Since then, price action has cooled, and RENDER is now retesting the previous resistance line as support, hovering around $3.47 — the same level as the prior local low. This kind of retest is common in technical analysis and, if held, often serves as a launchpad for renewed upward momentum.
What’s Next for RENDER?
The next few candles could be crucial for bulls.
If RENDER holds above this $3.47-$3.50 support zone and manages to reclaim $4.19, the odds of a sustained rally increase significantly. The measured move target from the broadening wedge sits near $5.71, which aligns with a previous supply zone and marks a potential 60% gain from current levels.
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