The price of Radiant Capital (RDNT) has the potential to reclaim the previously broken support level. If successful, a strong upward move may occur in the coming days.
Key support level
The price of Radiant Capital (RDNT) has been trading within the range of $0.315-$0.50 since March 16, 2023. The price has tested both the support and resistance of this range multiple times.
On May 11, this range was resolved to the downside, indicating that the bears had taken control of the market. However, they were unable to capitalize on their advantage to push the price lower.
Indeed, the price has formed a triple bottom pattern at $0.290 and is currently in the process of reclaiming the support of the previous range. If successful, a strong upward move is expected due to a short squeeze.
As the triple bottom pattern is a bullish pattern that often leads to a trend reversal to the upside, there is a possibility that the price of RDNT will reclaim the support of the range and quickly rise to the nearest resistance level at $0.365.
The RSI indicator supports this possibility as it has broken above the descending resistance line and is reclaiming the 50 level.
Breakout of the short-term pattern
The 4-hour chart shows that the price of RDNT has broken out above the descending triangle pattern and confirmed it as support on June 1 (green arrow). This action often leads to a price increase equal to the height of the pattern when measured from the retest point.
If that is the case, the price of RDNT could rise to the target of the pattern at $0.361, close to the mentioned horizontal resistance zone above.
Conclusion
The most likely prospect suggests that the price of RDNT will reclaim the support of the previous range and rise quickly to $0.365 and potentially higher to $0.50.
This perspective would be invalidated if the price breaks below the $0.290 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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