THETA Technical Analysis: After hitting the support level twice, are bulls ready to take command?

THETA has taken support from a crucial level.
The pair of THETA/USDT is trading at the price level of $0.758 with a gain of 1.00% in the past 24 hours.

Bullish actions were seen in previous sessions after hitting the support level twice. Theta Network (THETA), a blockchain-powered peer-to-peer video distribution system, saw a huge price drop during the crypto market crisis. Following a 52-week low of $0.706, the cryptocurrency is showing signs of recovery.

THETA to continue this bullish momentum?

The overall outlook for the cryptocurrency is bearish, with token forming lower highs and lower lows. THETA token is now trading at $0.758 on the daily chart, up 1.00% in the last 24 hours. Token is now trading below its 50 and 200 EMA moving averages. (Red line is 50 EMA and the blue line is 200 EMA). It has been trading below these Moving Averages for a long time and is encountering resistance around them. On the daily chart, we can see that the price is being rejected, and a long upper wick has formed.

Relative Strength Index: The asset’s RSI curve is currently trading at 45.35, close to the halfway mark of 50. The RSI curve has crossed above the 14 SMA, indicating bullishness, after getting support around $0.712. If the bullish trend continues, the RSI curve might increase significantly and break beyond the 50 level. The RSI indicator is supporting the bullish momentum and showing strength.

Analyst view & Expectations

Token was unable to break through the $0.712 support level, and the price is now showing strength after taking support. This bullish trend might come to a halt at the $0.785 resistance level or the 50-day moving average. Investors should avoid buying right now and instead wait for confirmation of the bullish trend. If the price goes below the support level of $0.712, intraday traders have a good chance of going short and gaining based on their risk to reward ratio.

According to our current Theta Token price prediction, the value of Theta Token will fall by -1.02% and hit $ 0.754655 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 29. (Fear). Over the previous 30 days, Theta Token has 11/30 (37%) green days and 6.43% price volatility. According to our Theta Token forecast, now is not the moment to buy Theta Token.

Technical Levels

Major support: $0.712

Major resistance: $0.785

Conclusion

After twice hitting the support level, the token is showing signs of short-term bullish momentum, and a trend change is expected if the token can break above all resistance levels. Before investing, investors should wait for a clear indication.

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.