THETA Price Analysis: Rising RSI Slope Encourages $1.52 Breakout
The widespread uncertainty in the crypto market has bounded the THETA price action within the $1.52 and $1 mark. Therefore, the interested need to be patient in this no-trading zone and wait for a decisive breakout before they position their funds. Furthermore, a potential breakout from the overhead resistance of $1.5 could pump the altcoin to $2.55.
Key points
- The daily-RSI slope is about to enter the bullish territory
- The THETA price has gained 13% since last week
- The intraday trading volume in the THETA is $150 Million, indicating a 93% gain.
Source- Tradingview
The THETA price four-month consolidation ended on a bearish note as sellers branched $2.58 support on April 30th. The post-retest fall aligned with negative broader sentiment triggered a significant sell-off and tumbled the altcoin by 57.55%
The extended downfall reached a new low of the $1.03 mark before switching to a lateral path. Furthermore, the THETA price has been wobbling between $1.52 and $1.1 for nearly a month, resulting in a narrow range.
The price action randomly wavering within this range indicates indecision among the market participant and marks it as a no-trading zone. Therefore, a genuine breakout on either side of the range should give the first signal to an upcoming rally.
Thus, a bullish breakout from $1.52 resistance would drive the altcoin 70% higher to the $2.55 mark.
Conversely, the possible fallout would extend the downfall to the $0.77 mark.
Technical Indicators
The THETA price attempts to breach the fast-moving 20-day EMA, offering additional support for a $1.5 breakout. However, the remaining 50, 100, and 200 EMAs indicate that a potential rally would face multiple barriers ahead.
The daily-RSI slope is constantly rising despite a sideways walk-in price action that reflects growth underlying bullishness. This divergence foretells the altcoin should eventually breach the $1.52 resistance
- Resistance levels- $1.52 and $2.1
- Support levels- $0.1 and $0.77
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
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.
