Theta Price Analysis: Theta Token Eyes Breakout Of Multi Month Descending Channel

By Sunil Sharma
Published July 29, 2021 Updated July 29, 2021
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Theta Price Analysis: Theta Token Eyes Breakout Of Multi Month Descending Channel

By Sunil Sharma
Published July 29, 2021 Updated July 29, 2021

-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

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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.

theta price analysis
theta price analysis

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
203 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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