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Radiant Capital has remained flat in the last 24 hours, with the price trading in the range of $0.230 to $0.235.
RDNT is down by 23% in the past month. It has made several attempts to break this downtrend in futility.
The broader cryptocurrency market did not post significant movements over the weekend, and a lack of solid buying momentum has prevented RDNT from rallying higher.
RDNT could break out from the current range if significant movements exist in the broader market. A major development in the Radiant Capital ecosystem could also drive gains.
Radiant Capital announced it would be launching on the Ethereum mainnet. On August 22, the team said that preparations were underway to launch on Ethereum. The launch is slated for October 3, 2023.
Preparations for Radiant's landing on @ethereum are imminent.
Standby for further instructions on October 3, 2023. pic.twitter.com/uIKbVR7XC0
— Radiant Capital (@RDNTCapital) August 22, 2023
According to the announcement, launching on the Ethereum mainnet would give the project a competitive landscape in the decentralized finance (DeFi) sector. The project plans to scoop a massive market share with the launch.
Radiant Capital Makes Weak Attempt to Rally
RDNT has posted a steady decline over the past month.
The price has gradually dropped from the $0.30 level posted earlier this month, and by August 23, it had fallen to a three-month low of $0.224.
The seven-day chart also shows a slight uptick in volatility, with the price between $0.22 and $0.24.
RDNT has a three-month high of $0.337 reported on June 3. The recent downtrend has seen the token drop below a crucial support level of $0.23.
If the buying momentum resumes, the next target for RDNT is $0.32. At this point, the token will be open for more gains.
Following the recent price decline, the market capitalization for the token has dropped from $88 million on August 15 to the current $68 million.
Radiant Capital Fails To Break Out Of Range
The RDNT chart shows that a bearish momentum is at play.
The Relative Strength Index (RSI) at 32 indicates sellers are behind the recent falling momentum. The movement of the RSI line shows the selling pressure has eased, thus the token’s recent trading within a range.
The Parabolic SAR tracks RDNT’s movement from above, further proving the bearish trend.
As seen in the chart above, RDNT has traded between $0.33 to $0.232. The token made a false breakout on August 17 below this range.
Breaking below this range will confirm the downtrend.
New Memecoin Raises $616,000 in Days
The Sonik Coin presale garners much interest from traders, having raised over $616,000 in just a few days.
The presale is set to end in eight days, after which it will be available on exchanges.
SONIK is trading at $0.000014 during the presale. 50% of the SONIK’s supply will be sold during this presale phase.
40% of SONIK’s supply will be allocated to staking, while 10% will be assigned to liquidity.
Sonik has set up a staking mechanism where users can generate rewards by staking SONIK tokens.
The staking pool allows token holders to generate passive income.
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