hi
Covenant x402
Boomer
Claudia
Lighter
NEAR Protocol
Injective
- THETA Token price is presently maintaining neutral bias inside the ascending channel pattern
- The press time price of THETA/USDT is $7.10 established on the back of a 10% decline in the past 24 hours
- THETA token accounted for gains worth 30% under the influence of a golden crossover on the daily chart
THETA Token price lacked the momentum to tackle the resistance of $8.2 which resulted in the price action continuing to resonate inside the ascending channel pattern. Despite being a victim of strong bearish divergence on the daily chart, the altcoin registered gains worth 130% since the July crash.
Theta Token to re-start uptrend as supported by a resurgence of buyers
While the overall price action remains locked up inside the bullish continuation structure, the THETA token has once again hit the support of the 20 EMA. This marks a good entry point to enter long positions as buyers will potentially aim for a minimal 15% accent in the short term.
Even though token is presently observing an uptrend, the technical indicators have declared war. The Moving Average Convergence Divergence indicator is contemplating a bearish crossover since the fall down of August 17th. In addition to the indecisiveness of the MACD and the signal line to transpire a crossover, the histogram has lost its momentum. The declining bars on the histogram represent bearish divergence, which also raises the question of THETA price action being able to sustain inside the ascending channel pattern.
Considering that the negative outlook holds accountability, a rejection from the resistance of $7.4 could trigger a breakout, followed by a 10% downswing. However, this requires the loss of the support of the 20 period exponential Moving Average, which has been carrying the uptrend since the ‘V’ shaped recovery. Regardless of the fact that THETA price has kickstarted today on a bullish start, a turndown from the critical point will mark the upswing as a dead cat bounce.
In a more positive market scenario, the token will continue its reversal and break above the resistance of $8.2. This can only happen if the price sustains above the 20 EMA with satisfying buying pressure.
For THETA to contradict the divergence, the price must first leap ahead of the $7.4 resistance level. The clearance of this particular level is the first step towards the bulls establishing dominance. The next sign of a full-fledged recovery is a breakout from the critical resistance of $8.2, which has been observed as a blockage for two consecutive times.
SUPPORT : $6.4
RESISTANCE: $7.4, $8.2
