- THETA token price has been on an uptrend as the token price bounced off the demand zone.
- Theta token price is trading near the supply zone and as of now, it has started consolidating near it.
- The pair of THETA/BTC trading at the price of 0.0000594 with a decrease of -0.69% in the last 24 hours.
Theta token price has been on an uptrend and in the past 24 hours, it has bounced off the demand zone. The token price is still hovering around the supply. Although it has formed a bearish rejection candlestick pattern on a daily time frame. It has formed a rounding bottom pattern on a daily time frame. Theta coin price is forming higher high and higher low formation on daily time frame. The token price has given the breakout of every single small-term resistance and now it is trading at the supply zone. The THETA token price is trading at the upper band of the Bollinger band indicator after bouncing off the lower band of the indicator. The THETA token price has given a breakout of 14 SMA and 50 MA in the daily time frame. Currently, it is resting at these Moving averages. Despite the bullishness in the last 24 hours, the coin price is yet to break out of the 100 Moving Average. Therefore the token price can face rejection moving upside and then the token price can fall heavily. Volumes have decreased despite the bullish mess in the last 24 hours. Therefore investors should remain cautious and wait for a clear trend.
The THETA token price is forming a rounding bottom pattern on the daily time frame
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the coin continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is trading at the level of 58.75. The RSI curve has crossed the halfway mark of 50. Once the coin gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend: Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.
CONCLUSION: Theta token price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the token price will break the rounding bottom pattern or fall heavily
SUPPORT: $1.2 and $1.25
RESISTANCE: $1.51 and 1.57