- THETA coin shows a golden crossover of the 50 and 200-day EMA
- The THETA/BTC pair was trading at 0.0001712 BTC with a gain of 10.42%
- The current price of the THETA coin stands at $8.075, with an intraday gain of 8.32%
The THETA coin is in a strong uptrend climbing towards the higher level of the chart with no sign of reversal yet. Furthermore, the chart shows another fantastic long opportunity for THETA traders with the formation of an inverted head and shoulder pattern in the daily time frame. The key resistance for this pattern was at $7.5, and today the price has provided a decisive breakout from this level.
Concerning the EMA’s, the THETA coin is trading higher than all the critical EMA’s 20, 50, 100, and 200, indicating a solid bullish trend formation. Moreover, the 50 and 200 EMA has recently given a bullish crossover, attracting even more buyers in the market.
The RSI (BULLISH) value is at 68, indicating the bullish sentiment in the coin market as the RSI shows a steady growth towards the overbought zone.
The 4hr Time Frame Provides More Push To Bulls With An Ascending Triangle Pattern
The THETA coin shows another bullish pattern in the 4hr time frame with the same resistance level of the pattern in the higher frame. The chart shows a strong breakout from the overhead resistance, support by substantial volume. Furthermore, the price is coming back for a retest from the same level, which will validate if the breakout is genuine or not.
The MACD indicator (BULLISH) shows that both the MACD line and the signal line are moving higher the neutral zone(0.00), indicating a bullish momentum in the price.
Conclusion: The THETA coin shows an excellent opportunity for its traders, as the technical chart shows some bullish patterns having the same resistance level, is has been breached now. Thus, the traders looking for an excellent long opportunity can consider THETA coin once the price gives a retest and shows sustainability above this level.
Support– $7.5
Resistance- $8.5