- Theta Network price is attempting to break out of a consolidation phase by breaking a huge horizontal range.
- Theta price is struggling against the 50-day exponential moving average in the context of the daily price chart.
- Theta speculators saw their trading volume increase by 51% in the last 24 hours.
The Theta Network has been in a descending parallel channel in terms of the weekly price chart. Despite the downtrend on the higher time frame, THETA token traders are in a broad horizontal range from the conceptual round level of $1.0-Support to the $1.5-resistance.
Price action is showing further bullish signals above this wide horizontal range (dotted white). Meanwhile, the Theta Network token was trading at $1.47 at the time of writing.
Theta token is about to break out of this range-bound phase against the USDT pair. If the price falls again, the bulls may again be part of the consolidation phase.
Meanwhile, the Theta Networks market cap manages to exceed $1.4 billion according to the CMC, up 5.8% over the past 24 hours. Nevertheless, the THETA token belonging to the bitcoin pair is trading up by 3.1% on 0.000006859 Satoshis.
Theta price is struggling against the 50-day exponential moving average in the context of the daily price chart. However, the bulls have placed their stop loss just below the 20 EMA support.
Theta speculators saw their trading volume increase by 51% in the last 24 hours. But the overall trading volume is showing less as compared to last week.
MACD reached a neutral zone
In terms of the daily price chart, the Stoch RSI is in oversold territory while the MACD indicator is about to break the downside zone after a bullish crossover.
Key technical indicators are showing bullish signals for the Theta Network token. But the token is still in the horizontal range and due to the low volume bulls will have to accumulate to manage the theta value above this range.
Resistance level- $1.5 and $2.0
Support level- $1.0
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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