- Theta token continues its rally, making a morning star pattern in a daily time frame.
- The THETA/BTC pair was trading at 0.0002346 BTC with a gain of 3.94%
- The 24 hr trading volume in THETA is $443.93Mn
In the daily time frame, THETA token shows a strong recovery after the drop in price levels, the overall market emotions for the token is slowly going bullish. On Sunday, the price bounced from the support of $7.87, completing a strong bullish morning star pattern resulting in a sudden rise in price today. Currently, theta is trading at $9.21 with an intraday gain of 18%.
Regarding EMA’s, THETA token gave breakout from the 50 EMA and is now trading above all the vital EMA’s 20, 50, 100, and 200, indicating a strong bullish sentiment. Each of these will provide good support if the price tries to drop lower.
The RSI (neutral) value is at 55, indicating a neutral to slightly bullish emotion. In addition, investors can also see a formation of a bullish slope in the RSI line indicating the bulls are slowly gaining momentum.
The Downtrend Trendline Remains The Ultimate Hurdle For Theta Token.
The 4hr time frame shows a clear downtrend in the THETA token. The bearish trendline shows a high reliability as it has been respected multiple times and carries the bearish trend since the $15 mark. Right now, the price is back to the trendline, and investors can wait to see how the price reacts at this point.
The MACD indicator (BULLISH) shows the MACD and the signal line gave a bullish crossover below the neutral zone, indicating a buy signal. Investors can also see both the lines are back to neutral, and further rise will confirm the phase and enter the bullish zone. The histogram shows rising green bars indicating increasing momentum of bulls.
Conclusion: From the technical perspective, the overall market sentiments of the token is getting bullish. As price has reached a crucial resistance trendline, investors are suggested to see the price reaction at this level to make further decisions respectively.
Support– $7.87
Resistance– $10