THETA Technical Analysis: Will THETA Prices Jump Above the $2 Mark?

Key technical points:

Past Performance of THETA

The THETA price chart showcases a sideways trend in the daily chart leading to a range between the $1 and $1.45 mark. The reversal comes with a double bottom breakout but the lack of a surge in trading volume hints at a lack of bullish commitment. Nonetheless, the daily candle shows a high likelihood of closing value surpassing the $1.45 mark.

Source- Tradingview

THETA Technical Analysis 

THETA price action shows an increased bullish influence on the consolidation range as it forms a triple white soldier pattern. Hence, traders hoping for a bullish breakout must be patient for a price action confirmation. The DMI indicator shows a bullish crossover of the DI lines, and the falling trend in the ADX line represents a weakness in the previous bearish trend. Hence, traders can expect a bullish trend to continue after the range breakout

The RSI indicator shows a bullish trend with the support of the 14-day SMA (yellow) surpassing the halfway line. Moreover, the uptrend may shortly reach the overbought boundary indicating the start of a recovery rally. The MACD indicator shows the fast and slow lines maintaining a positive alignment ready to surpass the zero line while avoiding bearish crossovers. Hence, the indicator shows a phenomenal growth in the underlying bullishness. In a nutshell, the THETA price action forecasts a reversal rally surpassing the $1.50 mark.

Upcoming Trend

So if the buying pressure sustains the THETA prices will boom above the $2 mark to reach the overhead resistance at $2.17.

Resistance Levels: $2 and $2.17

Support Levels: $1.20 and $1