SmartMoney Trader Makes Quick Profits From RDNT’s Binance Listing

Lookonchain (@lookonchain) tweeted today that the largest crypto exchange by trading volume, Binance, recently listed Radiant Capital (RDNT) – causing the price of the altcoin to soar 20.5% in a short period of time. According to the tweet, a SmartMoney trader made $29.3K in 5 minutes by merely buying and selling RDNT.

SmartMoney RDNT purchase (Source: Lookonchain)

Furthermore, Lookonchain’s latest thread shared that the trader bought 431,470 RDNT with 150K Tether USD (USDT) at 11:21 (UTC + 8) today, which is a minute within Binance announcing the listing of the token. The trader then sold his holdings for 179.3K USDT after the altcoin’s price soared.

At press time, the price of RDNT stands at $0.4336 following a 24-hour gain of more than 25% according to CoinMarketCap. The altcoin also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 23.20% and 26.47% respectively.

The daily trading volume for RDNT is estimated to be $64,048,701 at press time. This is an 82.19% rise in the altcoin’s daily trading volume over the last 24 hours.

Daily chart for RDNT/USDT (Source: TradingView)

The price of RDNT is currently in an upward trend after it printed higher lows over the last 2 weeks. Binance’s listing announcement has caused the token’s price to break through the resistance level at $0.3569 to trade at its current level.

However, traders and early investors are already applying some sell pressure to RDNT’s price, as indicated by the wick present above today’s daily candle. Should this sell pressure become too overwhelming for RDNT bulls, then the altcoin’s price could drop to the aforementioned price level at $0.3569 in the next 24 hours.

On the other hand, bulls continuing to provide support to the altcoin’s price could see it tap the resistance level at around $0.4754.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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