Radiant Capital (RDNT) Price Regains An Important Zone, Will A Strong Rally Follow?
The price of Radiant Capital (RDNT) has broken above a significant resistance zone and confirmed it as support. It is expected to continue rising in the near future.
Key Level
The price of Radiant Capital (RDNT) has seen a strong recovery since bouncing from the $0.2 support zone on October 20. This action has helped the price reclaim the $0.25 horizontal range.
This is a bullish development as the $0.25 zone has been acting as both support and resistance since June 2023. Reclaiming this zone indicates that the previous downtrend has ended, and the price is ready for a new upward movement.
Indeed, after facing rejection from a small resistance zone at $0.3 on November 10 (red arrow), the price returned to confirm the $0.25 zone as support (green arrow). This suggests a shift in sentiment from selling on rallies to buying on dips.
The daily RSI (Relative Strength Index) is above the 50 levels and has formed a hidden bullish divergence, supporting the possibility of further upward movement.
Therefore, the RDNT price is likely to break above the $0.3 resistance zone and rise to the next resistance level at $0.33 in the near future.
Short-Term Prospects
The 4-hour chart supports the bullish outlook from the daily timeframe. It shows that the RDNT price has created a deviation below the horizontal support zone at $0.263 (green ellipse).
Such deviations are considered bullish signals and are often followed by sharp increases.
However, the RSI indicator on the 4-hour timeframe is still below the bearish divergence line (red line). The indicator needs to break above this line to confirm that the bulls have taken control of the short-term price action.
Conclusion
The most likely scenario suggests that the RDNT price will break above the $0.3 resistance zone and rise to the next resistance level at $0.33.
The breakout of the RSI on the 4-hour timeframe above the bearish divergence line will confirm this scenario.
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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