THETA Price Analysis: THETA Retests 2 Month Trend, Will Bulls Take It Past $8.00?

Theta price has risen 25% the last week
Theta Price just confirmed a 2 month long downtrend
100MA is now holding as support

Theta price had an astonishing run the last year as prices rose 1000s of percent. The use case for THETA around decentralized media is one of great utility & investors has shown their interest in it. Once a few more resistances clear, THETA price will likely show immense bullish strength back to previous levels. The majority of crypto assets have broken their downtrends fully & have been reviving strongly to previous levels of May. Soon enough, this should be the case for THETA.

While looking at the last week of trading, we can see how price has fully broken a downtrend line that was holding price down ever since ATH was set. Just over the past day, price has came down to retest this as support. This is a very bullish scenario & may very likely have set the stage for THETA to reach $8.00+.

Bulls have been having trouble at the major resistance zone of $6.84-$7.29 over the last few days. THETA price must break & hold this resistance for the targets to be reached.

THETA Price Analysis: THETA/USDT 4 Hour Chart

The 100MA was a barrier for over a month as bears continuously rejected price from holding it. THETA has now been holding above this MA , which shows the trend is now up. Earlier today, THETA held the major support of $6.31 very well. Along with this major support lies a trend line that price has been holding ever since the low was recorded in July. As long as bulls continue holding above this trend, price should push to the targets that are shown. In the event these two marks break, THETA will find support at $5.70.

While looking at the Stochastic RSI, we can see how it just managed to break back above the 50 value. This is a great sign but it must continue its way to the overbought region above 80 to really experience a large bullish push.
The MACD has been hanging out above the 0 value for nearly 2 weeks. This is a bullish sign along with the fact that the histogram is about to tick green for the first time in 2 days.

THETA Intraday Analysis

Spot rate: $6.82
Trend: Bullish
Volatility: High
Support: $6.31
Resistance: $6.84

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Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship.

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