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The three-week consolidation in THETA price revealed an inverted head and shoulder pattern. Furthermore, the price nearing the $1.4 neckline could soon provide a breakout opportunity. The resulting rally would drive the price 11% higher to $1.5.
Key points:
- The THETA buyers need $1.6 escape the price consolidation
- The THETA price rises above the 20, 50, and 100 EMAs
- The intraday trading volume in the THETA coin is $75.3 Million, indicating a 54% gain.
Source- tradingview
For the first four months of the THETA price consolidated within two fixed values of $4.3 and $2.6. On April 1st, altcoin turned down from the overhead resistance($4.3) and fell down 40.5% to revisit the bottom support.
However, the buyers couldn’t sustain above this support this time as the wide spread selling in crypto market bolstered $2.6 fallout. With a successful retest, the more sellers poured into the market triggered a stepper downfall.
As a result, the downtrend reached a low of $1.03 registering a post-retest fall of 60.43%. furthermore, the THETA price started to hover above the $1 support indicating a minor consolidation phase.
The THETA chart shows the formation of inverted cup and handle pattern in the 4-hour time frame chart. Today, the altcoin has surged 9% and approaches the pattern’s neckline($1.4) to break above it.
A daily-candlestick closing above $1.4 would encourage buyers to escape the range-bound rally with $1.6 resistance.
Conversely, any failed attempts to surpass these overhead barriers would continue the ongoing consolidation for a few more sessions.
Technical indicator
Today’s price pierced the 20, 50, and 100 EMA altogether and bullish crossover among 50 and 100 EMA encouraged the triangle breakout. However, the 200 EMA guarinding the $1.4 suggest the buyers would need extra efforts to break it.
The MACD indicator slope wavering near the midline shares a neutral bias.
- Resistance levels- $14., $1.6
- Support levels are $1.16, and $1
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