The Render token is showing signs of a potential bullish turnaround, according to technical analysis. After declining 87% from its 2024 peak, the token is forming a falling wedge pattern and a key order block of support. Analysts state a decisive breakout above $2.08 could trigger a move toward a $5 target, while on-chain developments like new GPU integrations and token burns continue.
Render is moving upward as broader cryptocurrency market conditions improve. According to CoinMarketCap, the token’s price increased nearly 4% in 24 hours to trade at $1.84, though it remains down over the past week.
Analyst Dami-Defi revealed the token is trading near $1.77 after an 87% decline from its March 2024 all-time high of $13.60. The analyst noted market attention has faded significantly, leaving the asset largely overlooked.
From a technical perspective, RENDER shows early indications of a possible reversal formation. The price is staying above a support level of $1.49 within a defined bullish order block between $1.49 and $1.70.
The token is forming a falling wedge pattern, which is often considered a bullish reversal structure. Its Relative Strength Index reading of 51 suggests neutral momentum, leaving room for further upside if buying pressure increases.
The Render Network continues to progress with developments like Proposal RNP-023, which aims to add roughly 60,000 GPUs to improve network computing power. The network has also burned more than 1.23 million tokens to maintain balance and is pursuing collaborations with large technology companies.
A breakout above $2.08 is seen as a critical trigger level that could confirm bullish continuation. “If price breaks above $2.08, then bullish bias will gain traction, and the move towards $5 and beyond will be possible,” the analysis stated.
