THETA in a Small Price Pullback - Technical Analysis
Past Performance
The opening price of THETA on March 4, 2021, was $4. As of March 10, 2021, THETA closed at $6.49. Thus, in the past week, the THETA price has surged by approximately 62%. In the last 24 hours, THETA has traded between $5.34 and $6.78.
Day-Ahead and Tomorrow
Today, THETA began trading at $6.50. Currently, it is trading at $6.42. Thus, the price is decreasing. The market seems bearish.
The A/D indicator is upward sloping. As the price and the A/D line are moving in opposite directions, there is a positive divergence here. Thus, the price dip is temporary. High whale accumulations will exert upward pressure on the THETA price.
The RSI indicator is at 54%. The RSI faced a bullish swing rejection at 35% and rallied to the current level. Buying pressures are gradually increasing. Thus, we can expect the price to go up after some brief price corrections.
The MACD and signal lines are negative. Thus, the market momentum is bearish. But, a bullish crossover by the MACD line over the signal line implies that the price pullback is temporary. Moreover, both the lines are inching closer to the zero line and will turn positive in some time. Thus, the price uptrend will continue.
THETA Price Analysis
Currently, the price is above the Fibonacci pivot point of $6.20. If the bullish trend continues, then by the end of the day, we can expect the price to break out of the first and second resistance levels of $6.75 and $7.09 respectively.
The price is moving closer to the 23.6% FIB retracement level of $6.44. We can expect the price to break out of this level soon. As of now, the bulls are in control of the market. Hence, we can expect the price to rise throughout the day and tomorrow.