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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
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