Analytics

THETA Technical Analysis: Buyers Go Against The Formidable Trendline

THETA coin price hints at the long coming resistance trendline breakout with the sudden surge in buying pressure in the overall crypto market.

Key technical points:

  • The THETA coin approaches the resistance trendline with a 20% jump last day
  • The MACD indicator shows a bullish crossover 
  • The 24-hour trading volume in the Theta Network’s token is $404 Million, indicating a 36% rise. 

Past Performance of THETA

THETA coin price managed to halt the rejection from the 50-day EMA at $2.5, with long-tail formations indicating the bulls actively hoarding the dip. The 20% jump follows the morning star pattern, and the price approaches the resistance trendline. However, the bulls face the same psychological barrier at the 50-day EMA. 

Source-Tradingview

THETA Technical Analysis 

The THETA coin price shows a boom in buying pressure, with the double bottom breakout increasing the chances of the trendline breakout. Buyers can observe the rally approach the $5 mark if the prices outperform the sellers. The crucial daily EMAs in the altcoin price chart show a bearish alignment with the 50-day EMA providing a dynamic barrier along with the resistance trendline. However, the breakout of the 50-day EMA can result in a price jump to the 200-day EMA. The MACD indicator shows the fast and slow lines reverse in the negative territory to give a bullish crossover. However, the lines must enter the positive territory with a bullish growth in histograms to provide a stronger buy signal. The RSI Indicator slope spikes above the 50% line after the gradual rise in the nearly overbought zone. Moreover, the RSI slope surpasses the 14-day SMA and shows a tad bit of fall after the bullish surge.  In short, the THETA technical analysis hints at a bullish continuation after the trendline breakout.

Upcoming Trend

The THETA coin price struggles near the confluence of the formidable resistance trendline and the 50-day EMA. The increased bullish pressure can result in the trendline breakout, but safe traders must wait for the price action confirmation. The breakout can result in a 40% price jump to the 200-day EMA. Support Levels: $3 and $2.5 Resistance Levels: $4 and $4.6

   

Source

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *