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Vikram
Jun 8, 2022
by Vikram

THETA Technical Analysis: Breakout Rally Struggles To Jump Above $1.50

THETA Technical Analysis

Table of contents

  1. Past Performance of THETA
  2. THETA Technical Analysis
  3. Upcoming Trend
THETA price action shows a breakout rally struggling at $1.15 due to the lack of trading volume. Will the buyers manage to skyrocket prices to $1.50?

Key technical points:

  • The THETA price action shows the breakout of a falling channel.

  • The price action shows a high likelihood of a bullish reversal from $1.15.

  • The 24-hour trading volume of Theta is $89.20 Million, indicating a fall of 26%.

    • Past Performance of THETA

    THETA prices showcase the end of a long-term downtrend under a long-coming resistance trendline for the past two months. The downfall started after facing opposition near the 200-day EMA in April resulting in a dip to $1.15 where a consolidation range prevented further depreciation. The consolidation shows a sideways trend surpassing the resistance trendline but struggles to rise higher.

    TradingView Chart

    Source- Tradingview

    THETA Technical Analysis

    THETA price action showcases the lack of bullish momentum to fuel the breakout rally evident by the low trading volume compared to the last few weeks. Hence, the bears have the opportunity to overtake the trend control and result in the fallout of $1.15. The crucial daily EMAs (50, 100, and 200-days) fall in a bearish alignment which indicates a long correction phase. Furthermore, the MACD and the signal lines show an upward trend with an increase in buying pressure evident by the rising trend in bullish histograms.

    Additionally, the RSI indicator displays a gradual rise in the ongoing uptrend and approaches the overhead resistance at the halfway mark. Moreover, the 14-day SMA mimics the RSI trend and provides a support area in case of a reversal. In a nutshell, the THETA technical analysis projects a high possibility of a bullish follow-through reaching the $1.50 mark.

    Upcoming Trend

    If the buying pressure grows with a boom in trading volume, we can see the THETA market value skyrocketing over to $1.50 and might provide a breakout opportunity. In case of $1.50 breakout, traders can expect the buying spree to reach $1.80. However, the fallout of $1.15, a drop to $1 is inevitable.

    Resistance Levels: $1.50 and $1.80

    Support Levels: $1.15 and $1

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    THETA Technical Analysis: Breakout Rally Struggles To Jump Above $1.50
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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