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- Theta prices rose by 234% in the recent bull rally
- The bulls took a breather, which evolved into a flag and pole pattern
The Cryptocurrency price movement evolved into a flag and pole pattern, which is likely to break in this small advance. Breaking the flag may cause the coin to grow by 75%(considering the pole’s length – $1.69). The market cap and 24-hour volume of the coin are $1,908,769,495 and $112,624,964 respectively.
Theta Prices Aiming For the Moon($4.00), May Rise by 75%
The Cryptocoin price has recently made multiple long wick candles, indicating the strength of this strong resistance where the coin is currently hovering. The prices are resting above the 10EMA($2.04), 20EMA($2.00) and 50EMA($1.37); which increases the probability of breakout.
The volumes have significantly declined, whereas the price range volume analysis suggests an equivalent buying and selling pressure that has made the coin consolidate.
The Bollinger bands are sideways and contracting. This signals consolidation. The lower, middle and upper bands are at $1.85, $2.04 and $2.25 levels, creating crucial support and resting levels.
The RSI is at 57 and recently made a double bottom at 50 levels, increasing the breakout likelihood. RSI’RSI’ support is at 50 while the resistance lies at 65, 70 and 75 levels.
The MACD(8,21,5) has blinked green for the bulls, which rose the coin by 5% today itself. The MACD98,21,5) is strongly supported at 0 levels; thus, the possibility for declining has reduced.
Conclusion
Theta prices make a flag and pole pattern that might give a 75% upside at the breakout. The indicators are either neutral or bullish; hence, the possibility of flight has increased, but the coin makes longer wicked candles, suggesting indecisiveness.
Support: $2.04(10 EMA), $2.00(20 EMA), $1.85(Lower BB) and $1.73(50 EMA)
Resistance: $2.43(Horizontal resistance) and $2.56(All-time high)
