Radiant Capital (RDNT) Price May Increase Sharply In The Near Future, Here’s Why?
The price of Radiant Capital (RDNT) has reclaimed a crucial support area and is showing short-term bullish signals. It has the potential to rise higher in the near future.
On October 3, Radiant Capital (RDNT) is expected to land on Ethereum. This will give the project access to a huge TVL of over $21 billion, 5 times the total TVL of Arbitrum and BNB Chain combined.
Important Support Zone
The price of Radiant Capital (RDNT) had been trading below a descending resistance line since being rejected at the $0.33 resistance area on July 24th (red arrow). This action brought the price down to a low of $0.19 on September 11th and caused a breakdown from the key support zone at $0.20.
However, it turned out to be a false breakdown as RDNT quickly reclaimed this zone within the following two days (green ellipse). This is a bullish development and is often followed by strong upward movements.
The descending resistance line is currently coinciding with the previous support area at $0.25. Therefore, it is likely to provide strong resistance when touched.
However, the daily RSI indicator has broken above the descending resistance line (red line) and is trending upwards, indicating that the bulls are attempting to regain control.
Furthermore, such breakouts in the RSI indicator often lead to similar breakouts in price action.
Therefore, the RDNT price has the potential to break above the confluence of these resistance levels and move towards the $0.33 resistance once again.
Conclusion
Technical signals suggest that RDNT’s price could rise higher in the near future. The nearest target is $0.25, with potential for further gains towards $0.33.
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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