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

By Domenic
August 10, 2021 Updated August 10, 2021
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Theta coin
  • 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

TradingView Chart Snapshot

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

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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.

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