THETA Technical Analysis: Breakout Rally Soon To Touch $1.75
Table of contents
Key technical points:
Past Performance of THETA
Since April, the THETA prices have been in a bearish spiral in the form of a falling expanding channel resulting in the downfall of 70% within two months. The decline took support on the crucial horizontal level at the $1.17 mark, resulting in a consolidation phase during May. However, the recent surge in buying pressure surpasses the resistance trendline and forms a bullish engulfing candlestick.
Source- Tradingview
THETA Technical Analysis
THETA prices showcase an increase in the trading volume, suggesting a bullish trend continuation to the overhead resistance at $1.75. However, safe traders can wait for a retest or candle closing above the $1.35 mark, the previous swing high, to avoid a bearish turnover. The DMI indicator shows the DI lines on the verge of a bullish crossover, and the fall in ADX showcases a loss in bearish momentum. Likewise, the MACD and signal lines continue to approach the zero line in a bullish alignment. And, the resurging bullish intensity in the MACD histograms represents a recharge in underlying bullish sentiments.
The RSI indicator shows a similar uptrend above the 14-day SMA line (yellow) and displays a gradual growth of momentum in the ongoing bullish trend. Hence, the indicators suggest the bullish continuation as the buying pressure continues to grow. In a nutshell, THETA technical analysis forecasts an uptrend ready to reach the $1.75 mark.
Upcoming Trend
If the buyers sustain the pressure throughout the week, the uptrend may drive THETA prices above the $1.75 mark to reach the psychological mark of $2. However, safe traders can wait for the $1.35 breakout and exit early at $1.75 to avoid a bearish reversal.
Resistance Levels: $1.50 and $1.75
Support Levels: $1.17 and $1