THETA price analysis: THETA gains five percent as price heightens to $6.8

THETA price analysis THETA gains five percent as price heightens to

TL;DR Breakdown

  • Theta price analysis is bullish today.
  • Strong resistance is found at $7.1.
  • Strong support is present at $6.5.

The Theta price analysis shows bullish momentum. Today is the third day of an uptrend for the token, as Theta is among some of the exceptional cryptocurrencies that are continuing uptrend, as most of the market is trading in bears today. Theta shows some remarkable performance as it rose from $5.9 to the current price level of $6.8 in these three days. The next resistance for Theta is present at the 7.1 level, and on the contrary, support for Theta is present at $6.5 level.

THETA/USD 1-day price chart: Bulls maintain upwards trend

The 24-hour Theta price analysis shows the token is trading in the range of $6.5 to $6.9 today, while the price is $6.8 to be exact at the time of writing. Theta has gained a value of 5.46 percent over the last 24 hours but still is at a loss of 3.31 percent over the past week, as the trend was downwards for the past two weeks. The trading volume has also increased by more than 47 percent resulting in the market dominance of 0.26 percent along with an improvement of 4.7 percent in the market cap.

THETA price analysis: THETA gains five percent as price heightens to $6.8 1
THETA/USD 1-day price chart. Source: Tradingview

The volatility is high for THETA/USD pair, with the upper Bollinger band at the $8.2 mark and the lower band at the $6 mark. The average of the indicator is at the $7.1 mark, which represents resistance for the token. The moving average (MA) is trading at the $6.6 mark below the price level, complementing the bullish momentum.

The relative strength index (RSI) is on an upwards curve at the center of the neutral zone at index 49. The RSI shows the buying activity in the market, but now the curve is losing its steepness, hinting at a slow down in buying activity as well.

THETA price analysis: Recent developments and further technical indications

The 4-hour Theta price analysis shows the price breakout was downwards today, but bulls swiftly took over the price function and elevated the price to the current level. Another bearish attack was also observed during the day, but bulls managed to takeover back and are currently leading the charts.

THETA price analysis: THETA gains five percent as price heightens to $6.8 2
THETA/USD 4-hours price chart. Source: Tradingview

The volatility is increasing on the 4-hour chart as the volatility indicator is expanding again, and the upper limit of the Bollinger bands has reached the $6.9 level, which represents resistance for THETA/USD. The mean average of the indicator is present at $6.3 representing support for the cryptocurrency. The moving average is trading below the price level at the $6.6 mark. The RSI has reached near the overbought zone as it is trading at index 60, but it shows some more room for bullish activity.

THETA price analysis: Conclusion

The Theta price analysis suggests the cryptocurrency is bullish today, but as the RSI curve is becoming humble on the daily chart, a slow down in the buying activity is evident, which might stop further improvement in price in the coming hours, as can be seen, the price oscillation is comparatively slow today but is still on the positive side. If the bullish momentum continues then, Theta may face some selling pressure near the $7 resistance zone. On the contrary, if reversal looms, then Theta may fall back towards the $6.3 support level.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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