- CoinGecko announced that Binance Labs invested $10 million in Radiant Capital.
- The price of RDNT surged by more than 7% over the past 24 hours alone.
- A significant bullish technical flag was on the verge of being triggered on RDNT’s daily chart.
The crypto data aggregator, CoinGecko, shared a post on Twitter earlier today revealing that Binance Labs announced their investment of $10 million in Radiant Capital (RDNT). In their tweet, CoinGecko explained that the investment made by Binance Labs was a way of “driving mass adoption”.
This certainly grabbed the attention of investors as the price of RDNT surged by more than 7% over the past 24 hours of trading. As a result, RDNT was worth about $0.305435 at press time.
The altcoin’s 24-hour success also allowed it to strengthen against market leaders Bitcoin (BTC) and Ethereum (ETH) by about 8.8% and 8.7% throughout the past day. Furthermore, its performances over longer time frames were also looking good as RDNT was up by more than 3% over the past week, and was still in the green by 14.2% over the past 14 days.
Looking at its monthly performance shows that RDNT’s price was also able to climb by 13.8% during this period. The altcoin’s market cap of $88,997,491 meant that it was ranked as the 280th largest project. This placed RDNT right behind Metal DAO in the 279th spot.
From a technical point of view, RDNT’s trading volume spiked yesterday. This influx of volume resulted in the altcoin’s price breaking above the key resistance level at $0.31 yesterday. During today’s trading session, however, the cryptocurrency’s price had fallen below this major price point, where it continued to trade at press time.
Despite losing the support of this significant mark, a bullish technical flag was still on the verge of being triggered. The 20-day EMA line was looking to cross above the 50-day EMA line. Should these two technical indicators cross, it may result in RDNT’s price rising to $0.3283 in the next week.
However, if the altcoin’s price closes today’s daily candle below $0.31, then the bullish thesis may be invalidated. In this scenario, RDNT’s price could drop to as low as $0.29 in the next few days.
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