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THETA Token Price Analysis: Theta token price is facing rejection off the resistance, what will happen next?

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  • Theta Token Price is trading along the resistance and is consolidating from the past trading days.
  • The token is trading in a downward parallel channel on a weekly time frame.
  • The pair of THETA/BTC is trading at 0.0000904 with a decrease of -2.9% in the market cap of the digital asset over the last 24 hours.

Theta Token Price has been in a strong uptrend over the past couple of trading days. Theta token has given a breakout of 20 EMA, and after retesting at it, the token also broke out of 50 EMA and is trading above it. Despite the breakout of 20 and 50 EMA, the token is yet to give the breakout of the 100 EMA, which can act as resistance moving upwards.The token is trading along the long-term supply zone of $4.32.The token is forming lower low and lower high formation on the daily timeframe. Theta token price is trading at the upper band of the Bollinger band indicator. As per the price action, the Theta token price forming red candles at the resistance and thus this can result in the movement of the price on either side.Volumes are flowing from both side, from the seller’s side and from the buyer’s side and therefore this can trigger big moves as the token is in an indecisive phase.

ALSO READ – CRYPTO TRADERS GOT ALERTS OF SOME BIG RALLIES IN RESURGING MARKET

Theta Token Price is forming Flag and Pole pattern on the weekly timeframe

Theta token price,  after giving an impulse move, is forming Flag and Pole pattern on a weekly chart. The token has been in a downtrend from the past couple of days and is forming lower low and lower high formation on the higher timeframe.The token bounced off the bottom red trendline and is moving up slowly after forming big bullish candles.

Relative Strength Indicator: RSI is trading at 42.47, and the RSI Curve is trying to give a positive crossover of 20 SMA. RSI Curve Is nearing the halfway mark of 50. The trend will become super bullish once the RSI curve crosses the 20 SMA and    50 halfway mark. This can result in further up to the short-term supply zone at $5.4.

Average Directional Movement Index: ADX dipped below 20 as the token’s price was falling. Currently, the ADX is trading at 14.27. As the Theta token price took support at the long-term demand zone, the ADX curve has turned upside, suggesting a halt in the price movement and possible structure change after a breakout of the short-term supply zone of $4.3.

Technical parameters suggest bullish movement for the upcoming weeks

Theta token price is showing bullishness as the price is trading at a long term supply zone of $4.2.The technical parameters have turned bullish and therefore once the price breaks out of $4.2 it will start moving up rapidly.

Supertrend: Recent bullishness in the price of the Theta token has resulted in a super trend indicator giving a buy signal. The token was facing rejection of the supertrend at $3.785, and it gave a breakout of its strong big green candle. Thus, indicating a bullish moment in the upcoming days in the underlying asset price.

Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover. The buyer’s signal line(blue) crossed the seller’s signal line (orange) on the upside, indicating a possible breakout of the long-term supply zone at $4.2, which can help the coin price move up to $5.35 with strong momentum.

CONCLUSION: As per the price action, the Theta token price is showing bullishness at different time frames. The technical parameters turning bullish is very good for the token. It remains to see if the bulls are able to take off $4.2 resistance or bears take control and push the price down to $2.5

SUPPORT: $2.4 – $2.6

RESISTANCE: $5.6 – $6.5

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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