See More

THETA Broke Out Above Significant Resistance [Premium Analysis]

2 mins
Updated by Max Moeller
Join our Trading Community on Telegram
The THETA price likely began an upward move on December 10. It has increased above the first resistance area and is currently aiming for the second one.
The THETA price has increased by 44 percent since December 10, amounting to a rate of 5.50 percent per day. While this increase seems unsustainable in the long-term, the price has yet to show weakness. Trader @thecryptocatus stated that the THETA price could increase towards 1500-1600 satoshis before hitting resistance and decreasing. Will the THETA price reach this target? If yes, when will it do so? Continue reading below if you want to find out the answers to these questions.

Upward THETA Move

In June, the THETA price decreased to the support area of 950-1000 satoshis, which was an all-time low. It consolidated near this area until December — when it began an upward move. We suggested this move could transpire in our previous analysis. The rally stalled a bit at the 1400 satoshi area before moving higher. Currently, the THETA price is attempting to reach a weekly close above this resistance area. The next resistance area is found at 1800 satoshis. During the consolidation phase, the weekly RSI generated a strong bullish divergence. Afterward, a bullish cross in the MACD transpired — indicating that an upward move has begun. However, the MACD line has yet to cross above 0. Theta Bottom

Technical Indicators

The THETA price began making attempts at initiating an upward move at the end of October. However, they were rejected three times by the 200-day moving average (MA). The price was finally successful in moving above this MA on December 13, albeit lacking strong volume. The 100- and 200-day MAs are close to making a bullish cross. Theta Moving Averages The current daily candlestick is a bullish wick, which suggests indecision. However, while the RSI is at overbought levels, it has yet to generate bearish divergence. Therefore, it is possible that the upward move will continue since it has yet to show weakness. Theta Future Movement

Future Movement

The THETA price has been following a very steep ascending support line since December 10. If the price increases at the rate of the ascending support line, it will reach the second resistance area by the end of December. It is imperative that the THETA price reaches a daily close above 1400 satoshis if it wants to do so. Theta Future To conclude, the THETA price is in the midst of an upward move. The price has moved above an important resistance area and has yet to show weakness. If it reaches a daily close above 1400 satoshis, it is likely to move towards the next resistance area at 1800 satoshis and reach it at the end of December.
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored