Anticipating a 30% Surge: Radiant Capital (RDNT) Price Poised to Break Key Resistance
The price of Radiant Capital (RDNT) is currently in the process of breaking above a significant resistance zone. A successful breakout will help it increase sharply in the near future.
Key Resistance Zone
The price of Radiant Capital (RDNT) has been on the rise since touching a yearly low of $0.19 in early September 2023. The upward momentum has been gradual since then.
In the week from November 20 to 26, the RDNT price formed a higher low (green arrow) and established a sequence of 5 consecutive bullish candles.
Volume has also increased over the past 5 weeks, indicating that any selling pressure at higher levels is being absorbed.
Currently, the RDNT price is forming the 6th bullish candle and breaking above the crucial resistance zone at $0.33. This is the final resistance zone to confirm that the long-term trend has turned bullish.
The weekly RSI (Relative Strength Index) supports the potential breakout as it surges above the 50 level and slopes upward.
If the breakout occurs, the RDNT price could rise to the next resistance zone at $0.45, representing a 31.32% increase from the current level.
The daily chart shows that the RDNT price broke above the crucial resistance zone at $0.33 yesterday. The breakout happened with a strong bullish candle and significant trading volume, confirming the validity of the breakout.
The daily RSI is consolidating above 50, suggesting an advantage for the bulls.
Therefore, the daily chart supports the potential breakout on the weekly timeframe.
The most likely scenario indicates that the RDNT price will continue to rise in the near future. The potential target for this move is $0.45.
This bullish outlook could be invalidated if the RDNT price closes a weekly candle below the $0.33 level.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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