Theta coin shows the onset of fresh buying indications amid strong bullish sentiments. The bulls are willing to smash its previous month’s swings of $1.330.
The coin showcases steady cues near its 200 days EMA and holds the gains decisively.
Moreover, the price action has produced a V shaped comeback from the lower bottom. However, the price traded near the upper Bollinger band and is willing to register a fresh breakout.
At the time of writing, Theta coin is trading at $1.24 with an intraday gain of 3.24%. Moreover, the pair of THETA/BTC is at $0.00005182 with 5% gains. The trading volume also increased by 4% in the last 24hrs.
Daily chart shows the beginning of an UpTrend
On the daily chart, Theta coin cracked its major trendline and switched its trend. Moreover, it forms a double bottom pattern that signals the coin is prepared to strain its earlier highs of $1.50 soon. However, the coin leaped by 23% in the last 7 sessions. The buyers accumulated the coin from the support range of $1.00 after which the momentum smoothened out.
Theta network coin met selling pressure during the last phase of 2022, and price correction was witnessed. The recent weeks have responded as a path builder for the coin and set a promising outlook. Bulls rescued momentum and initiated vending inside the rising channel.
Theta coin shaped the candle on the 200 days EMA without exact gestures of a further trend. If the coin closes the candle above it, we may expect a further trajectory rise to $1.40. While if it closes below it, then 20 EMA at $1.10 reacts as support.
Short term charts shows bullish actions
On the 4 hours chart, Theta coin ascends momentum with the rising parallel channel. The bulls are eagerly waiting to smash the resistance level of $1.50. As per the Fib levels, the price bounced back from the exact 50% level and now hovers near the 78.6% level. Although, sellers stayed discreet with the incremental move in recent days.
Traditional indicators on Theta
RSI ( Bullish ): The RSI curve is in the buying region near 65, indicating bullish cues with a long buildup. Moreover, it reflects positive outlooks for upcoming sessions.
MACD ( Bullish ): The MACD indicator offered a bullish crossover in the last few sessions denoting that it will give more vertical action in the next sessions.
Conclusion
Theta network is ready to clear the immediate hurdle of $1.50 soon. The leading indicators are giving clues of further upswings.
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.
Source: https://www.thecoinrepublic.com/2023/02/24/theta-price-prediction-will-bulls-be-able-to-sustain-over-200-ema/