THETA Attempts To Reach New All-Time High

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In Brief
  • THETA is attempting to break out from its all-time high resistance of $0.58.

  • The price is in the process of breaking out from a symmetrical triangle.

  • THETA/BTC is following an ascending support line.

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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.

THETA Chart By TradingView

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.

Source: Twitter

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.

THETA Chart By TradingView

THETA/BTC

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.

THETA Chart By TradingView

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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