- The THETA price is now trapped in a sideways channel. Calling bulls for a breakout but the bears are still obstructing the way.
- The crypto asset is trading above the 20, 50, 100 and 200 daily moving average.
- The THETA/BTC pair is at 0.00006265 BTC with a gain of 4.44% in it.
The THETA price is trading in a sideways channel over the daily graph. The bulls and bears are trying to take the price out of the channel but the neck to neck fight between the gangs is making the price to trade in a parallel channel. The bulls need to accumulate for a breakout but the bears will definitely interrupt the process. Analysts believe that it will be difficult for the bulls to make a breakout as the bears are dominating the market everywhere. The bearish dominance must be taken down so the coin can sustain over the current market conditions. The THETA price is above the 5 days simple moving average.
The current price for one THETA coin is trading at $1.29 with a gain of 9.82% in its market capitalization in the last 24 hrs. The coin has a trading volume of 93 million with a significant gain of 19.63% in the 24 hrs trading session and a market cap of 1.2 billion.
What do Technical Indicators Suggest for THETA
The crypto asset is currently trading above the moving average with a slow bullish movement over the chart. Whereas the volume is growing continuously and is currently at significant gain of 19.63% which is supporting the bullish movement.
The MACD indicator is also indicating a bullish run as the MACD line is trading above the MACD signal line indicating the buyers dominance but as the signal is not very strong the THETA price is not able to break the range.
The relative strength index is also supporting the above statement as the buying volume is growing significantly, but still it is not enough for the coin to make a breakout.
The RSI value is nearly equal to 45 and still growing.
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Conclusion
The THETA price is trading in a sideways channel over the daily graph. The bulls need to accumulate for a breakout but the bears will definitely interrupt the process. The THETA price is above the 5 days simple moving average. The signal is not very strong but the technical indicators suggest a bullish run ahead.
Technical levels
Resistance levels: $1.4 and 1.55
Support levels: $1 and $0.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/06/20/theta-network-price-analysis-trapped-in-a-parallel-channel-calling-theta-bulls-for-a-breakout/