• Radiant Capital price is trading inside a falling wedge pattern.
  • This technical setup has triggered a breakout, and RDNT could rally soon.
  • A daily candlestick close below the $0.203 support level would invalidate the bullish thesis. 

Radiant Capital (RDNT) price has been on a downtrend for five months. A recent spike in buying pressure has caused RDNT to rally higher. 

Also read: Chainlink whales continue their accumulation spree after LINK’s 40% rally, why?

Radiant Capital price ready to move higher

Radiant Capital price has produced three distinctive lower lows and two lower lows. Connecting these swing points with trend lines reveals a falling wedge formation. A breakout from this setup could signal the start of the uptrend. 

On September 28, Radiant Capital price produced a daily candlestick close above the falling wedge’s upper trend line, signaling a breakout. This move was coupled with a flip of the Relative Strength Index (RSI) and Awesome Oscillator (AO) above their respective mean levels. 

The last time AO flipped positive, Radiant Capital price rallied 21% in the next 11 days. Hence, the recent uptick could catalyze a similar upswing. But despite the breakout, RDNT price needs to overcome the $0.250 hurdle. Doing so would open the path for a retest of $0.297 hurdle. 

In a highly bullish case, Radiant Capital price could eye a sweep of the $0.334 level for buy-stop liquidity. This move would amount to roughly 41% gain from the current position of $0.236. 

Read more: FTX exploiter moves $4 million worth of Ether after ten months of inactivity

RDNT/USDT 1-day chart

RDNT/USDT 1-day chart

On the other hand, a daily candlestick close below the $0.203 support level would create a lower low and invalidate the bullish thesis for Radiant Capital price. Such a development might even see RDNT revisit the September 11 swing low at $0.198.

Read more:  Radiant price shoots up by 15% following a $10 million investment from Binance Labs


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