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- Theta Network price holds the 50 day EMA and formed a bullish engulfing pattern
- Theta crypto price recovered 45% from the recent low at $0.706 and continued the upward momentum
- Theta technical indicators are turning bullish and sudden volume spikes is visible in the price chart
Theta Network prices are trading with mild bearish cues and bears are trying to keep the prices below $1.000 level. According to Coinglass data, In the last 12 hours, Theta Long and Short ratio stands at 0.89 which confirms the bearishness but price action seems to be favoring the bulls. Currently, The pair of THETA/USDT is trading at $1.001 with an intraday loss of 0.69% and the 24-hour volume to market cap ratio at 0.0519
Will Theta bulls be able to defend the $1.00 breakout level ?
On a daily time frame, Theta Network prices are on steady rise and have succeeded to break out of the $1.000 hurdle with a giant bullish candle which has created a hope for bullish investors. From the past couple of months, Theta prices are into the bear grip and slipping down while forming lower low swings but surprisingly in January, prices took support at $0.706 and reversed in the opposite direction.
The Theta prices had sustained above the 50 day EMA and volume surges to the highest level indicates some genuine buyers have taken a long positions and are expecting outperformance in the coming months. However, The 200 day EMA (green) at $1.216 will act as an immediate hurdle for the bulls followed by the next hurdle at $1.300 level.
The Theta technical indicators are turning bullish but the prices need to hold the recent breakout level $1.000 for the further upward movement. However, if any minor correction triggers from the supply zone then $0.800 and $0.700 will act as support levels for bulls. The MACD line had generated a positive crossover but it seems like histogram bars are lacking momentum indicating prices are likely to trade sideways for some time and the RSI at (68) denotes the strength of bulls at the lower levels.
Summary
Theta prices had shown a positive momentum and buyers succeeded to defend the 50 day EMA which shows the presence of buyers at lower levels but the confirmation of the recent breakout at $1.00 is still awaited. The technical analysis suggests that the short term trend is in the favor of bulls and any minor correction will provide an opportunity to accumulate at lower levels. Therefore, traders may look for buying opportunities for the target of $1.200 and above by keeping $0.700 as SL. However, if prices drop below $0.700 bears may try to drag the prices further down.
Technical levels
Resistance levels : $1.300 and $1.500
Support levels : $0.700 and $0.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
