THETA Technical Analysis: Will The Exhausted Bulls Reach $5?
Theta's primary business idea is decentralizing streaming of videos, data delivery and edge computing which makes it more cost-effective, efficient and fair to all participants in the industry.
It was co-founded by Mitch Liu and Jieyi Long in 2018. Liu has a long-standing history in the video and gaming industries. He was the co-founder of video advertising company Tapjoy and the mobile social gaming company Gameview Studios, and THETA.tv which is a live streaming platform which's DApp was the first one to be developed using Theta protocol.
Let us move ahead to read about Theta technical analysis.
Past Performance of THETA
Theta token price breaks above the long-coming resistance trendline in the daily chart with a 50% jump in the past week. The uptrend even breaks surpasses the crucial horizontal level at $4 with a bullish engulfing candlestick of 18% rise.
THETA Technical Analysis
The THETA coin price action shows a potential Doji candlestick in formation as the price attempts to retest and sustain above the $4 mark. Moreover, the rise in buying pressure is evident by the sustenance of bullish growth as the entire market corrects.
The RSI indicator shows a boom in the underlying buying pressure as the slope spikes higher to reach the overbought zone. Moreover, the rising 14-day average indicates an overall trend reversal.
The MACD indicator shows the fast line rising above the zero line while the slow line follows a similar path. Moreover, the rising trend in bullish histograms indicates a boom in bullish powers.
The crucial Exponential moving averages show a bearish alignment in the daily chart as the THETA price breaks above the 50-day EMA. However, it struggles to rise above the 100-day average and forms a Doji instead.
In conclusion, the technical indicators reflect the trend unaffected by the fall of the overall crypto market.
Upcoming Trend
The THETA coin price action sustains the bullish growth and may soon continue the uptrend, post-retest. However, traders must be careful and mitigate their risk accordingly, if the price breaks below the $4 mark.
The post-retest bull run may find resistance near the $4.6 and $5.5 mark as they remain crucial horizontal levels. On the opposite end, the support levels are placed at the $3.8 and $3 mark.