The Theta Token (THETA) price is attempting to break out above a long-term resistance area. The price is expected to be successful in doing so and reach a new all-time high.
New All-Time High
The THETA price is currently attempting to break out above the $0.58 resistance area, which would take the price to a new all-time high.
Previously, the price has made two attempts at breaking out, on May 27 and Aug. 24. While the former left a long upper wick, before the price decreased, the latter only caused a small retracement, which was followed by another breakout attempt. On Sept. 19, the price briefly reached an all-time high of $0.61, before decreasing once more. Currently, the price is making another breakout attempt.
Technical indicators in the daily time-frame are bullish. The RSI is above 50 and the Stochastic Oscillator has just made a bullish cross. This suggests that the price will be successful in breaking out.
Cryptocurrency trader @mesawine1 stated that a THETA breakout could take the price towards a new all-time high. Technical indicators and successive attempts at breaking out which are likely to weaken the resistance make this a likely scenario.
Furthermore, the price has created a short-term symmetrical triangle, which usually leads to continuation. Since it is transpiring after an upward move, a breakout would be more likely.
In addition, the MACD has just turned positive, supporting the possibility of a breakout.
The THETA/BTC chart is similar to its USD counterpart, with a few differences in place.
First, the price has yet to make an attempt at breaking out above the 5,800 satoshi resistance area, but has made several higher highs until now.
Second, the price is following an ascending support line, which makes it simpler to follow the price action, since a breakdown from the line would indicate that the price will decrease.
Similarly, the Stochastic Oscillator has made a bullish cross, and a breakout from the resistance area is expected.