THETA Price Analysis: Will this Breakout Free Theta From its Consolidation
THETA price jumps with double digits gain showcase a breakout attempt from the range resistance of $1.5. However, the altcoin is yet to give a candle closing above this level to give a breakout confirmation. If done, the $1.5 mark would be flipped to a suitable launchpad for a further price rally.
Key points
- The THETA price has been on a bullish streak for three consecutive days.
- The 100-day EMA may stall a potential rally at $1.6
- The intraday trading volume in the THETA is $117.5 Million, indicating a 62% gain.
Source- Tradingview
The THETA/USDT technical chart displays a clear consolidation phase as the price has been resonating the $1.5 to $1.05 barriers for nearly three months. Furthermore, last weekend the coin price showed multiple rejection candles at over resistance, signaling another reversal.
However, the sellers could only drop the THETA price 12% lower as the confluence support of $1.33, and 20-and-50-day EMA reverted it immediately. The resulting run-up undermined this minor pullback and surged 15% higher to breach the $1.5 resistance.
Anyhow, the coin buyers need a daily candle closing above the $1.5 mark with increased volume activity to confirm this breakout. Thus, if the buyers succeeded in meeting this consolidation, the altcoin would end this consolidation on a bullish note.
The expected rest may give an entry opportunity, and the resulting rally should hit the next significant supply zone at 11% higher of $1.67.
On the other hand, if bullish momentum couldn’t sustain the higher level and by the day the price closes its candle below $1.5, the THETA price would be under reversal threat.
Technical Indicators
EMAs: The $1.5 breakout under the influence of 20-and-50-day EMA gives additional confirmation for buyers. Moreover, this flipped support may assist traders in maintaining the potential rally.
MACD: The indicator shows growth in underlying bullishness as fast and slow moves above the midline. However, these slopes need enough spread between them to encourage bullish growth further.
- Resistance levels- $1.5 and $1.67
- Support levels- $1.33 and $1.05
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