Radiant Capital (RDNT) Price Could Drop Another 31%, Here’s Why?
The price of Radiant Capital (RDNT) is attempting to hold above a significant support level. If it fails, a sharp decline is likely to follow.
Radiant Capital is a lending platform developed on Arbitrum with the vision of becoming the first omnichain money market to support multiple chains.
Trading range
The price of Radiant Capital (RDNT) has been trading within the range of $0.31 to $0.5 since March 16, 2023. The price has tested both the support and resistance of the range multiple times. Currently, it is in the process of retesting the support level of the range.
Although the bulls has tried to hold the price at the support level, the inability to initiate a recovery in the past few days indicates a lack of buying strength at higher levels.
The RSI indicator supports the possibility of further decline as it breaks below the support line formed since the RDNT price formed a range. Such breaks in RSI often lead to similar breaks in price action.
Therefore, the price of RDNT may break below the $0.31 support in the coming days. In this case, the nearest support level is found at $0.21, corresponding to a 31% decline from the current price level.
Short-term outlook
The 4-hour chart shows that the price of RDNT has broken below the $0.31 support level and is currently confirming it as resistance (red arrows).
Additionally, it has also broken below an ascending parallel channel. Therefore, the RDNT price appears poised to continue its downward trend.
Conclusion
The most likely prospect indicates that the RDNT price will decline to the next support level at $0.21.
This perspective will be invalidated if the price reclaim the $0.31 support 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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