- The THETA coin shows a bullish crossover of the 20-and-50-day EMA
- The THETA/BTC pair traded for 0.0001168 BTC with a loss of 4.57%
- The daily trading volume for The THETA coin is $1.413 Billion, indicating a 219.8% hike
The THETA coin displayed an excellent long opportunity for crypto traders with an inverted head and shoulder pattern in the daily time frame chart. This pattern’s crucial resistance(neckline) was at the $7.1 mark, and the price has provided a decisive breakout from this level. However, the price is currently retracing back its neckline to obtain proper support from this level.
Concerning the EMA’s, the THETA coin shows a bullish trend where its price is trading above the 20, 50, 100, and 200 EMA. Moreover, the coin chart also shows a bullish crossover of the 20 and 50 EMA.
The Relative strength index(RSI) value is 55 indicating a bullish sentiment in this coin.
The THETA Coin Crypto Chart in the 4hr Time frame
The THETA coin displayed a V-Top rejection from the $8.1 resistance, which plunged the coin price back to the $7.1 mark. The crypto traders should wait and see if the price is obtaining sufficient support from this level before they enter with a new long position in this coin.
According to the traditional pivot levels, the next resistance level for THETA price is $7.43, followed by the $8 mark. In case the retest of the $7 support fails, the next significant support for the price will be at $6.3.
Conclusion: The technical chart indicated a positive outlook for the THETA coin when its price breached the $8 neckline of the bullish pattern. However, the price still has to validate if this breakout was genuine or not, which would also signal a proper entry opportunity for these traders.
Support – $7.1
Resistance $8.1