Theta Token (THETA) Hits A New All-Time-High

  • This surge placed its current value at $0.598, which is the maximum price theta coin has achieved, breaking its previous All-time-high of $0.589
  • Theta is trading within an uptrend channel, recently it tried to go higher but couldn’t break the horizontal resistance for the third time
  • In September Theta also witnessed a strong correlation with bitcoin, with THETA’s value dropping by over 33 per cent in the first week of the month

Theta Token (THETA) observed a sharp hike in its price on 18 September. This surge placed its current value at $0.598, which is the maximum price theta coin has achieved, breaking its previous All-time-high of $0.589. As the market trend changes, the trend in the Theta seems to be relatively bullish. Contrary to bitcoin and other altcoins, THETA has succeeded to recover from the recent market fall. Theta Token (THETA) had a major bullish rally, as of recent. The cryptocurrency marked a 1433.33% increase in the price from March’s low to the peak till today. The $0.589 level continued as the most critical resistance level and was re-tested in the last week of august before today’s breakout above this level. At press time, THETA was beholding a gradual climb in the price and climbing higher. 

In September, Like other altcoins, Theta (THETA) also witnessed a strong correlation with bitcoin, with THETA’s value dropping by over 33 percent in the first week of the month. However, the asset recorded a bullish momentum as the asset was trading within the range of $0.36 – $0.59 this month. In August THETA was mostly observed trading sideways. However, the last week of August was not less than a treat for THETA community, As the crypto-asset attained significant gains on the charts. 

Theta Price Analysis

Source: TradeView

Theta is trading within an uptrend channel, recently it tried to go higher but couldn’t break the horizontal resistance for the third time. On the daily time frame we have two support channels, one which is mid term trendline which could provide support however since theta couldn’t go higher it formed a double top and we can expect a deeper retrace to long term trendline. Macd is slowly showing this on histogram.

Source: TradeView

Here, In the chart we can observe one possible bullish scenario for Theta based on the mid term support. Everything depends how traders react or if any bullish news will fuel further uptrend.

Source: TradeView

On a Weekly time frame we can see candlestick which is not closed yet for this week, showing a spinning top which is bearish and this would confirm my scenario that we could retrace to long term trendline. strong support at 0.40 cents. The pattern is very bullish as it’s formed an ascending triangle and lots of room to retrace. Based on the data provided it could finish retracing around the end of november or december. Once it breaks out from this pattern and makes a retest we could see theta heading towards 1.11 usd in the near future.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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