NewsletterCould The Fast-Recovering THETA Price Rally Further?
The Theta coin price showed phenomenal growth amid the ongoing recovery cycle in the crypto market. This bullish rally recently breached the $1.1 resistance, offering buyers a higher launchpad to prolong price recovery. Nonetheless, the sidelined buyers may get another breakout opportunity as the altcoin approaches the $1.2 resistance.
Key points from THETA Price analysis
- The 20-and-50-day EMA closing a bullish crossover may encourage THETA to break the $1.2 ceiling
- The overbought RSI slope signals upcoming correction or consolidation
- The intraday trading volume in the THETA is $150 Million, indicating a 93% gain.
Source- Tradingview
Despite frequent sell-off and uncertainty in the crypto market over the past two months, the THETA price strictly followed a falling wedge pattern. The decreasing price spread during this downfall indicates the losing bearish momentum, eventually leading to an upside breakout.
On October 23rd, a bullish breakout from the pattern’s resistance trendline signaled the end of the last correction. Thus, the post-retest rally, backed by widespread recovery in the crypto market, triggered a high-momentum bullish rally.
The altcoin rose with consecutive green candles and registered a 15% gain in the last five days. The THETA price currently trades at the $1.168 mark and walks toward the next supply zone at $1.2.
If the buying pressure persists, the coin price may surpass this resistance offering an additional footing for buyers to lead the further recovery. Moreover, as per the technical setup from this pattern, A bullish breakout should ideally drive the price rally to the wedge’s highest point, i.e., $1.3.
On a contrary note, it seems THETA has risen too quickly within a short period of time. However, such growth is not sustainable and needs sufficient correction or consolidation before resuming the prior recovery.
Technical Indicators.
Relative Strength Index: The daily-RSI slope entered the overbought region to accentuate the aggressive buying from traders and the need to stabilize the price rally.
EMAs: The rising prices have reclaimed the 20-and-50-day EMA offering an extra edge to bolster potential recovery.
- Resistance levels- $1.2 and $1.3
- Support levels- $1.1 and $0.96
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
