- Relying on the price activity, Theta Coin gives confidence to long-position traders after testing reliable support.
- The volume of Theta Coin has increased by 64% at the time of writing.
- THETA/BTC pair price is trading positive by 5.72% at 0.0001065 BTC.
Since 16 April 2021, when THETA Coin reached an all-time high of $15.90, its price has been falling on the chart. The THETA investors booked their massive surplus and witnessed Coin’s crash. Now the Coin is trying to stand by its own in the market after testing its downside verge.
THETA Coin has been circulating upon the 20 SMA after taking recent support, and then currently, Coin tested 20 SMA as a support level for the short term. However, Coin is respected as resistant to 50 and 100- Moving Averages. Currently, Coin is trading below 50,100 and 200 SMA, and that all Moving Averages can behave like barriers ahead.
THETA Coin is following the descending triangle pattern in the chart. Whenever the coin tries to break the downwards trendline, the selling pressure has come, and it falls down. The coin has tested this trendline as a resistance many times, may in further trading sessions, it can breach this barrier
THETA Coin stayed bullish after the crash and recorded multiple dips. Today, Theta Coin is trading in the green zone by 5.81% at $4.95 at the time of writing. Over the last 24-hours trading volume has jumped by 64.69% at $234 million. The massive volume change indicates that the long-term investors are showing their interest in the coin. The THETA/BTC pair saw an increment in its value by 5.66% at 0.0001064 BTC.
Can buyers sustain coins from the clutch of sellers?
Relative Strength Index indicates bullish movement after taking support while dipping. RSI following the declining trendline after getting rejection from the overbought zone. After testing its oversold zone, it broke this incline level and went to 50 levels.
MACD is departing its indication with a soft-up move after a bit correction of coin and the consolidation now the MACD near 0 and may generate strong crossover to the bullish side.
Conclusion – It may benefit its long-term investors until it reaches the next resistance level. Coin trades at an affordable price, which may attract buyers.
Resistance level- $10.01 and $15.90
Support level- $3.73
Disclaimer – The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.