MEXCTheta Price Analysis: Theta Token Eyes Breakout Of Multi Month Descending Channel
-Theta price revived nearly 70% the last week
-Theta Price is getting halted at major trend line resistance
-400MA has held prices down for nearly 80 days
Theta Token price experienced a massive bull run over the last year as prices rose 1000s of percent. Despite these gains, Theta price fell victim of market movements and fell nearly -80% from its ATH of $15.90. As Bitcoin starts its revival off lows, Theta has been attempting to begin a bull trend for the first time in many months.
THETA Price Analysis: THETAUSDT 4 hr Live Chart
While looking at the chart, we can see THETA price has attempted two breakouts of its multi month channel resistance (green). Price has been respecting this channel for some time as bulls and bears have equally defended it. Along with this trend line lies a major resistance zone from $6.47-$6.85. If bulls succeed in breaking & holding this zone, Theta will be in position for a strong push to the given targets.
Along with these two resistance marks lies the 400MA. This MA has held prices down for nearly 80 days as it has been a strong mark for bears to defend. Breaking above this & holding it will likely allow the push to targets as mentioned above. If the bulls fail to break this mark, THETA price will be in for a short term downtrend. Price will find support at $5.25 & $4.40.
- RSI: While looking at the relative strength index (RSI), we can conclude strength just visited the overbought mark and has since been heading down to bearish territory. RSI must hold above the 50 value to save it from a fall to its next supports.
- MACD: The MACD has been consolidating within bullish territory above the 0 value. This is a good sign that buyers have not yet left the market and as soon as the histogram can tick green, THETA price will try another push to its targets.
THETA Price Intraday Analysis
- Spot rate: $5.71
- Trend: Bullish
- Volatility: Medium
- Support: $5.25
- Resistance: $5.88
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