Analytics

THETA Technical Analysis: Extended Uptrend Fuels Breakout Rally 

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The THETA prices exceed the overhead resistance of $1.46, unleashing the trapped bullish momentum. Will this unloaded bullishness reach $2? Key technical points: 

  • THETA prices give a bullsih breakout of a consolidation range with the resistance at $1.46.
  • The increased bullish influence over the 50 and 100-day SMA teases a bullish crossover.
  • With a market cap of $1.62 Billion, the intraday trading volume of Theta Network has increased by 91% to reach $143 Million.

Past Performance of THETA

The THETA price action shows a long-consolidation range breakout which kept the price trend trapped for almost three months, similar to Basic Attention Token. The bull run shows lower price rejections above the 50-day SMA, resulting in the breakout of the overhead resistance. The unleashed trapped momentum undermines the higher price rejection candles formed previously near the 100-day SMA.

Source- Tradingview

THETA Technical Analysis 

The THETA price action 13.68% jump today, exceeding the overhead resistance and forming a bullish engulfing candlestick. However, the traders can expect the breakout rally to face opposition near the $1.72 before reaching the $2.17 mark. The distance between the 50-day SMA and 100-day SMA decreases teasing a bullish crossover and an increase in the underlying bullishness. The RSI slope shows a bullish turnaround from the 14-day SMA, avoiding a drop to the halfway line. Moreover, the MACD indicator shows the fast and slow lines maintaining a bullish trend with a constant spread. Hence, the technical indicators maintain a positive outlook for the upcoming trend and support the price action analysis. In a nutshell, the THETA Technical Analysis projects a high likelihood of an uptrend continuation to the $2 mark.

Upcoming Trend 

If the THETA price breaks above the overhead resistance at $1.72, the breakout rally might exceed the psychological mark of $2. After that, traders can expect the prolonged uptrend to reach the $2.17 mark. However, if the buyers fail to sustain the trend above the $1.50 mark, a reversal rally might reach the $1.27 mark near the 50-day SMA. Resistance Levels: $1.72 and $2.17 Support Levels: $1.50 and $1.27

   
Source

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