Radiant Capital (RDNT) Price Could Skyrocket To $0.5 In The Near Term
The price of Radiant Capital (RDNT) is currently trading within an uptrend pattern, which could potentially help it reach its all-time high (ATH) of $0.5. 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
Since March 11th, the price of RDNT has increased by over 150% to reach its ATH of $0.5 on March 20th. The price has broken through the important resistance level at $0.31 during this process. Although it experienced a sharp decline after reaching ATH, it successfully confirmed the $0.31 level as support (blue arrow). On the 3rd bounce, the price rose sharply and tested the resistance level at ATH once again.
This indicates that RDNT is currently trading within the range of $0.31 to $0.5.
The daily RSI indicator has remained above 50 since the price reached ATH, indicating that the bulls have an advantage.
Potential breakout
The 4-hour chart shows that RDNT has been trading within a gradually descending parallel channel since being rejected at the ATH resistance level. This is a typical bullish pattern that often leads to a breakout in most cases.
In addition to the bullish pattern, there are two factors supporting the potential breakout for RDNT.
The first is that the price has created a higher bottom and is trading above the middle line of the channel.
The second is that the 4-hour RSI indicator has broken out the gradually declining resistance line and confirmed it as support (blue arrow). Such breakouts in the RSI often lead to similar breakouts in price action.
Therefore, the price of RDNT could potentially break out the current gradually descending parallel channel and reach its ATH at $0.5.
Conclusion
The most likely prospect is that the price of RDNT will break out of the current pattern and test the ATH at $0.5.
The short-term bullish view will become invalid if the price breaks down below the channel. If that happens, it could potentially test the bottom of the range at $0.31.
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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