Theta holds steady - Here's the key price for bullish continuation

LeoFinance
2 months ago
3 Min Read
502 Words

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Theta, a popular altcoin in crypto trading, stands out especially with its price movements that diverge from the market from time to time.

After Theta bottomed out at $3.5 on July 20, the bulls carried the altcoin price to the $6 range within a week with determined purchases. That equated to a massive 62 percent gain in the weekly period.

We felt the tiredness of this rise in the theta market in yesterday's volatility. At the beginning of the week, when Bitcoin saw a rise of up to %14, Theta value increase was limited (%8). Then, the hard sales towards the end of the day erased the daily gains and caused the altcoin to fall by %8 to $5.63 on July 26. Today, the decline continued in the first hours of the day and after falling to $5.28, the bulls re-entered.

Daily THETA/USDT Chart


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Theta coin's low today coincided with the intersection of the 8 and 21 EMAs on the daily chart. This showed that the two key averages were solid support.

The recent short-term bullish led the stochastic RSI on the daily chart to move into the overbought territory. There are two possibilities for the coming days, either the stochastic RSI will stay flat in the overbought zone for a while and Theta will continue to rise, or it will slip below 80, signaling a correction.

Moving to the positive zone with the rise last week, CMF has turned its direction upwards today, although it has returned to the negative zone with yesterday's sales. The fact that the CMF remains positive, implying that there are more market fund inflows, may trigger the rise.

3-hour THETA/USDT Chart


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If we examine the last trend on the 3-Hour chart, the uptrend found support at the bullish Fib 0.50 retracement level and moved up again today. 6.03 (Fib 0.236) on the chart is a critical resistance point for further bullish continuation. The price of $ 5.75 is currently trying to be used as support. (The intersection of the 8 and 21 EMAs on the 3-hour chart).
If Theta can successfully pass the range of 5.75 – 6.03 today, other fibo levels; 6.49 – 6.87 – 7.78 can be determined as short-term targets.

A 3-hour candle formation below $5.75 could disrupt the bullish setup, and at this point, we can watch how traders will react at the $5.25 support.

Finally, in the 3-hours view, the stochastic RSI is about to break out of the oversold zone and with this upward trend, it is moving to support the bullish. As a result, the rise cannot be confirmed before the 3-hour candle closes and opens above 6.03.

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Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Posted Using LeoFinance Beta