THETA Technical Analysis: EMA Breakout Teases Jump To $4

Key technical points:

Past Performance of THETA

THETA coin price shows a sideways trend between the $3 and $4.50 supply zone after the downfall observed in late 2021, continuing till the first week of 2022. Recently, the increased supply inflow at the overhead resistance reflected the price back to $3. However, the buyers brought an early bullish reversal resulting in the 50-day EMA breakout. 

Source-Tradingview

THETA Technical Analysis 

THETA coin price shows a bullish engulfing candlestick creeping above the 50-day EMA with a 7% growth. Hence, the sustenance above the $3 mark projects a continuation to the $3.5 mark.

The bearish alignment of the 50, 100, and 200-day EMAs provide multiple resistance spots to control the bullish growth. However, the first line of defense, the 50-day EMA collapsing under increased buying activity, forecasts a jump to the 100-day EMA.

RSI Indicator: The RSI slope regains bullish momentum after the dramatic fall from the overnight territory to the oversold boundary. Hence, the indicator reflects a rise in the underlying bullish momentum.

MACD Indicator: The MACD and signal lines are ready to regain bullish alignment with a crossover below the zero line. Hence, the chances of bullish histograms restarting in the daily chart increase significantly.

In a nutshell, the THETA technical analysis spotlights the increased possibility of an uptrend approaching the $3.5 mark.

Upcoming Trend 

The THETA coin price shows a boom in buying pressure resulting in the 50-day EMA with a bullish engulfing candlestick. Hence, the breakout rally will approach the 100-day EMA and might break it to crash the psychological barrier at $4 if the buying pressure sustains.

Support Levels: $3 and $2.70

Resistance Levels: $3.5 and $4