The price of Radiant Capital (RDNT) has flipped the previous support level into resistance. A significant decline may occur in the near future.
Breaking the important support
The price of Radiant Capital (RDNT) has been trading within the range of $0.31-$0.5 since March 16, 2023. The price has tested both the support and resistance of the range multiple times.
On May 11, this range was resolved to the downside, indicating that the bears has taken control.
Indeed, the price confirmed the support of the range as resistance in the following 7 days (red arrows), validating the breakdown.
Therefore, the RDNT price could decline to the next support level at $0.21, corresponding to a 28% decrease from the current price.
The RSI indicator supports the possibility of further decline as it was rejected by the previous support line and slopes downward.
Short-term outlook
The 4-hour chart shows that RDNT is trading within a descending triangle after a significant decline from May 6. This is a bearish pattern that often leads to breakdowns in most cases.
However, the RSI indicator has formed a bullish divergence, indicating an upcoming recovery.
Therefore, the RDNT price could rise towards the triangle’s resistance at $0.31 before the breakdown occurs.
However, breaking below the support line of the pattern at $0.285 would signal the continuation of the downtrend.
Conclusion
The most likely prospect suggests that the RDNT price will continue to decline towards $0.21 in the near future. However, a recovery may occur before it does so.
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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