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Peter Oleshchuk
Mar 16, 2022
by Peter Oleshchuk

THETA Technical Analysis: Foothold For Growth To $4.3 Is Being Prepared

THETA

Table of contents

  1. Technical Analysis Of THETA On The Daily Timeframe
  2. The THETABTC Price Has Reached A Critical Range Of 0.0000650
The last 4 trading weeks on the THETA market have clearly shown the market's readiness to reverse. In fact, during the trading month, the THETA price was in the 20% range. Although sellers managed to update the local low from 24 January, buyers managed to stop the phase of active decline. The main range in which buyers with limit orders stopped the attack of buyers is the range of $2.65-$2.8. As of 28 February, sellers were no longer able to lower the THETA price below this range. Of course, in the event of the beginning of the fall of the BTC price, the THETA cryptocurrency will not be able to withstand and repeat the fall.

THETA

However, even in this case, the $2.15 test will be valid to start a local growth wave. Why local? The fact is that the THETA price is in a protracted correction from March 2021 (for a year). The main range of buyers $4.3 was lost in mid-January 2022. Therefore, until they take control of this range - to talk about the global reversal of the THETA market early. However, the price rebound from current values ​​to $4.3 during the month is a very real and logical target.

Technical Analysis Of THETA On The Daily Timeframe

Analyzing the movement of the THETA price on the daily timeframe, we can see a significant decrease in volatility in recent days. If at the end of February the price range reached 30%, now market participants can only hope for 6%. Continuation of consolidation within the triangle is possible until the end of the trading week on 14 March. Next, the THETA market is waiting for a powerful price boost. Most likely, this impulse will be up with the first target of $3.57.

As we can see on the daily chart, the struggle of market participants from 8 to 17 February took place near this mark. Having organized a liquidity zone there, sellers may not be allowed to break the $3.57 range for the first time. An alternative scenario in the THETA market and continued decline will take effect in the event of loss of control over the $2.6 mark.

The THETABTC Price Has Reached A Critical Range Of 0.0000650

TradingView Chart

Such a nice, systematic correction as on the weekly chart of THETABTC can not be found. The price is clearly moving in the falling channel. Moreover, above the average line of this channel, buyers have not been able to raise the price since May 2021. But, this opportunity may soon fall. The fact is that in the range of 0.0000650 is the main buyers' support. This liquidity zone restrained the growth of the THETABTC price from a strong growth wave from May 2020 to February 2021. Therefore, to expect a strong price rebound from 0.0000650 - more than logical. Though, given the trading volumes and passivity of buyers, we do not expect a complete reversal of the market. The main target of local growth is 0.0001.

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THETA Price THETA technical analysis THETA market THETA cryptocurrency THETABTC
THETA Technical Analysis: Foothold For Growth To $4.3 Is Being Prepared
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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