Sustained Growth Hints Theta Coin Poised To Surpass $1.5; Enter Now?
The last four-month transaction in Theta network coins shows the formation of a rounding bottom pattern. Under the influence of this famous bullish reversal pattern and improving market sentiment, the coin price rallied 88% from January 1st and recently tested the monthly resistance zone of $1.34-$1.3. Here’s how this chart pattern may further influence the future price of THETA.
Key Points
- The formation of a rounding bottom pattern is a signal of a sustained recovery and change in the market trend
- The 20-and-200-day EMA nearing a bullish crossover could encourage more buying orders in the market
- The intraday trading volume in the THETA is $45.8 Million, indicating a 10% loss.
Source- Tradingview
While February 2022 has offered limited growth in several cryptocurrencies, theta coin price showed a steady recovery with new higher highs and higher lows. This bull run has pushed the prices to a three-month high of $1.3 which is also the neckline of the above-mentioned rounding bottom pattern.
However, amid the ongoing uncertainty in market leaders Bitcoin and Ethereum, several crypto coins are struggling to maintain a directional rally. As a result, the Theta coin showed a minor pullback to $1.132-$1.44 support.
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Furthermore, the formation of a bullish reversal candle pattern, called the morning star, indicates the price sustainability at higher levels and the market sentiment of traders buying at dips. If the buying pressure persists, the Theta price is likely to breach the $1.3-$1.34 resistance.
If the daily candle closes above the $1.34 level, the interest traders can look for an entry opportunity. This post breakout could drive the coin price to the following targets $1.5, $1.72, or $1.91.
Technical Indicators
RSI: the RSI slope rising higher in the bullish territory indicates an underlying growth in buying pressure.
EMAs: the rising coin price has recently reclaimed the 200-day EMA slope indicating an early sign of trend reversal.
Theta Coin Intraday Price Levels
- Spot price: $1.25
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1.3 and $1.5
- Support level- $1.13 and $0.97
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