Radiant Capital (RDNT) Price Broke Out Strongly, Here’s The Next Target
The price of Radiant Capital (RDNT) has broken above the long-term pattern and flipped the previous horizontal resistance zone into support. It is expected to continue rising in the near future.
Long-Term Pattern
The Radiant Capital (RDNT) price had been trading within a descending wedge pattern since forming a lower high at $0.44 at the end of April 2023. This is a bullish pattern, often leading to breakouts in most cases.
Indeed, after bouncing up from the long-term horizontal support zone at $0.20 on October 20, the RDNT price broke above the descending wedge pattern on October 27.
This is a bullish development, indicating that the previous downtrend has ended, and a new uptrend has begun.
The daily RSI (Relative Strength Index) has risen above the 50 level and is sloping upward, showing that the bulls have an advantage.
Therefore, the RDNT price is likely to continue rising towards the next horizontal resistance zone at $0.33, an increase of 23.36% from the current price.
Important Price Zone
The daily chart also shows that the $0.24 zone is an important price area, which has acted as both support and resistance since the beginning of June 2023 (except for the deviation created in early October – indicated by the green ellipse).
On November 3, the RDNT price flipped this zone into support and formed a bullish engulfing candlestick pattern (green arrow).
This is a bullish signal, indicating that the current trend has shifted to the upside. It supports the continuation of the uptrend towards $0.33, as mentioned above.
Conclusion
The most likely scenario suggests that the RDNT price will continue to rise in the near future. The potential target for this move is $0.33.
This outlook could be invalidated if the price breaks and closes below the important zone at $0.24 on the daily candlestick chart.
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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