THETA Technical Analysis: Extended Uptrend Fuels Breakout Rally
Table of contents
Key technical points:
Past Performance of THETA
The THETA price action shows a long-consolidation range breakout which kept the price trend trapped for almost three months, similar to Basic Attention Token. The bull run shows lower price rejections above the 50-day SMA, resulting in the breakout of the overhead resistance. The unleashed trapped momentum undermines the higher price rejection candles formed previously near the 100-day SMA.
Source- Tradingview
THETA Technical Analysis
The THETA price action 13.68% jump today, exceeding the overhead resistance and forming a bullish engulfing candlestick. However, the traders can expect the breakout rally to face opposition near the $1.72 before reaching the $2.17 mark.
The distance between the 50-day SMA and 100-day SMA decreases teasing a bullish crossover and an increase in the underlying bullishness.
The RSI slope shows a bullish turnaround from the 14-day SMA, avoiding a drop to the halfway line. Moreover, the MACD indicator shows the fast and slow lines maintaining a bullish trend with a constant spread. Hence, the technical indicators maintain a positive outlook for the upcoming trend and support the price action analysis.
In a nutshell, the THETA Technical Analysis projects a high likelihood of an uptrend continuation to the $2 mark.
Upcoming Trend
If the THETA price breaks above the overhead resistance at $1.72, the breakout rally might exceed the psychological mark of $2. After that, traders can expect the prolonged uptrend to reach the $2.17 mark. However, if the buyers fail to sustain the trend above the $1.50 mark, a reversal rally might reach the $1.27 mark near the 50-day SMA.
Resistance Levels: $1.72 and $2.17
Support Levels: $1.50 and $1.27