Signal price

Theta Network Price Analysis: THETA looks poised to escape this interesting pattern

  • Theta Network Price is trading with strong uptrend momentum on the daily chart.
  • The crypto asset has recovered above 20 EMA and is preparing for daily moving averages of 50, 100 and 200 days.
  • THETA/BTC pair is at 0.00004489 BTC with an intraday gain of 1.86%.

Theta Network price is trading inside a horizontal bounded area on the daily chart. The token went from a stuck head and shoulders pattern in the consolidation phase and then after. However, THETA coin price is trying to take a strong uptrend on the daily chart. THETA bulls seem quite determined to record their breakout from the consolidation phase. THETA investors should wait for the bulls to hold at the edge of the range bounded area and for the barrier to break through. Theta Network price is trying to accumulate buyers and has been trading higher since yesterday’s trading session.

Theta Network’s price is currently CMP at $1.35 and has gained 1.13% of its market capitalization in the last 24 hours. The trading volume increased significantly by nearly 100% during the intraday trading session. The volume is in favor of the bulls and signifies the recovery phase of the THETA coin. THETA bulls must maintain the current momentum of the uptrend to register the breakout of the THETA token. The volume to market capitalization ratio is 0.1295.

THETA Coin price is trading with significant upward momentum on the daily chart. The token is trying to escape the consolidation phase as it has been trading sideways since May 17. THETA bulls are trying to muster support for THETA to successfully escape the pattern. This preemptive moment can be seen by the trading volume, while the change in volume can be seen below the average and must increase during the intraday trading session. THETA needs to rack up more buyers in order to continue the bullish momentum and let the bulls hold onto the upper trendline.

Will THETA stay caged or free?

The price of THETA coins is trying to break out of the horizontal area bounded by the daily price chart. THETA bulls are constantly pushing the token higher to register its breakout. THETA looks set to exit the consolidation phase this time. Technical indicators suggest the strong bullish momentum of THETA. Additionally, THETA price action is trading towards the EMA ribbon, which signifies a sign of a bullish rally for the token as soon as THETA crosses the EMA ribbon.

The Relative Strength Index shows that THETA is trading with strong uptrend momentum. As RSI has finally broken above neutral and is heading into overbought territory.

MACD also features the bullish momentum of THETA coin. The MACD line is ahead of the signal line and heading towards 0 to enter the positive zone.

Conclusion

Theta Network price is trading inside a horizontal bounded area on the daily chart. The token went from a stuck head and shoulders pattern in the consolidation phase and then after. THETA investors should wait for the bulls to hold at the edge of the range bounded area and for the barrier to break through. Technical indicators suggest the strong bullish momentum of THETA. THETA price action is trading towards the EMA ribbon and this signifies the sign of a bullish rally for the token as soon as THETA crosses the EMA ribbon.

Technical levels

Support Levels: $1.07

Resistance levels: $1.45 and $1.85

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.