THETA Technical Analysis: Will Theta Drop Back To $1?
Hello and welcome back traders to our channel Cryptoknowmics!
This is Megha Chhikara, back with yet another analysis for you!
Today, we’ll be reading about THETA. Well Watch the entire video till the end to learn more about the upcoming trend, and before that don’t forget to hit the subscribe button!
The THETA prices exceed a consolidation range and the 100-day SMA. But, will this breakout rally sustain in the correcting market?
To drive the conclusion we need to analyse the key points of THETA, let’s see what we have here!
The 24-hour trading volume of Theta Network is $154 Million, indicating a hike of 88%. The THETA prices are up by 6.41% in the last 24 hours
https://www.tradingview.com/x/KwRaQfCX/
The THETA Price chart shows the daily candle failing to sustain about the $1.46 resistance level and continues to drop. Currently, the daily Candle shows a 4% price drop with an increase in trading volume that warns of a downtrend continuation within the consolidation range.
Despite the recent correction and 4% drop today, the bullish influence over the 50 SMA grows as the market price is near the 100 SMA.
The RSI slope maintains a gradual uptrend and sustains above the 14-day SMA in the nearly overbought zone. Moreover, the MACD and signal line continue to grow about the zero line in a bullish alignment. Hence the technical indicators reflect a solid underlying bullishness which may shortly push the closing price above $1.46.
In a nutshell, the THETA Technical Analysis suggests a high possibility of a selling spree leading to a price drop to $0.80.
If the selling pressure grows throughout the day, the THETA prices will fall within the Consolidation range and nullify the bullish breakout. In such a case, traders can expect the downtrend to test the crucial bottom support of $1.
However, if the buyers regain trend control and push the closing price above $1.46, a bull run to the next psychological mark of $2 is possible.
As the session comes to an end, I hope we’ve got most of your queries, if not kindly do let us know in the comment section and we might come up with a solution for you!
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