Theta Coin Price Defends $1.00, Will Theta Price Turnaround?

• Theta coin price is showing signs of base formation near $1.00.
• Theta price is trading below the 200 day EMA and struggling to hold the 50 day EMA.
• Theta price recovered about 20% from the recent low swing at $0.850.

Theta coin price has shown a decent recovery of about 20% from the low swing at  $0.850 and formed a bullish reversal pattern. Theta price successfully pushed the price above the $1.00 mark and began to consolidate, indicating the signs of short term base formation. Theta coin price attempted to climb above the 50 day EMA to turn the trend in an upward direction, but prices faced resistance, This shows that bears are active at higher levels. 

Theta coin price is trading at $1.019 with an intraday decline of -2.67% and 24 hour volume to market cap ratio at 0.0274. The THETA/BTC pair is trading at 0.0000357 with an intraday decline of -3.25%, which shows minor correlation between the direction of both the pairs. In mid-January, Theta price took a U- turn from its 52 week low and reversed on the upside after forming a double bottom pattern. Prices later grabbed the 50 day EMA and began to rise upward by forming fresh higher high swings.

Theta coin price rallied about 50% and broke out of the 200 day EMA which created hope for a trend reversal on a positional basis. However, the prices failed to give the follow up momentum and witnessed minor profit booking on the higher levels.

Theta Coin Price Might See Upward Expansion?

Theta coin price consolidated for a few weeks in the hope of forward range expansion but prices took the opposite direction. At the beginning of March, Theta price broke its important support level of $1.00, which triggered the negative sentiment and lost all its previous gains. Global market sentiment improved mid-March and positively impacted the other Altcoins, and Theta price also recovered from the support levels. However, the momentum halted at $1.102. 

Technical analysis shows that prices are lacking direction and is expected to consolidate for some more time. The probability of the upward range expansion remains high if bulls comfortably hold the $1.00 level.

Theta Price: Technical Outlook

Theta price is forming a Doji candle pattern on a weekly timeframe, which confirms that prices lack direction. However, if the overall market sentiment remains bullish then we might see an upward range expansion. Technical indicators like MACD have generated positive crossover indicating that prices are likely to trade with mild bullish bias. The RSI at 48 denotes neutral territory and is expected to remain in consolidation. 

Conclusion 

Theta coin price saw a decent bounce from the lower levels and succeeded to hold the price above the $1.00. However, the Theta price is lacking momentum near the 50 day EMA and is expected to consolidate for some time before deciding further direction.

Technical levels

Resistance levels : $1.100 and $1.300

Support levels : $0.849 and $0.700

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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