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Key highlights:
- THETA is up by a total of 13% today as the cryptocurrency breaks back above $12 to reach $13.30.
The cryptocurrency had dropped from its ATH price at $14.97 but found support at $11.45 (.236 Fib) in April.
Against Bitcoin, THETA found support at 19,300 SAT (.382 Fib) in April and has since rebounded back above 23,180 SAT
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| Theta price | $13.19 |
|---|---|
| Key THETA resistance levels | $14, $14.97, $16, $17, $17.35 |
| Key THETA support levels | $13, $12, $11.45, $11, $10.63 |
*Price at the time of writing
While the rest of the market sinks, THETA continues its epic climb with a 13% price hike today, allowing the cryptocurrency to break back above $12 and reach as high as $13.30.
The decentralzied video streaming network dropped from its ATH price toward the end of March after the team announced that their mainnet would have to be delayed until June. As a result, THETA started to drop until support was found at $11.45 during the start of April, provided by a .236 Fib Retracement level.
The launch of Theta Mainnet 3.0 is now slated for June 2021, and it will lay the foundation for a new NFT platform on the network. It will also add over 100,000 Elite Edge Nodes and will make it more efficient to reward users as well as allowing TFuel token owners to stake their assets.
Theta continues to climb the coin market cap rankings is now ranked in the 11th position as it holds an $11.59 billion market cap.
THETA Coin Price Analysis
What has been going on?
Taking a look at the daily chart above, we can see how THETA was surging toward the end of March as it pushed higher from the mid-March support at $7.00 and continued to climb until reaching its ATH price at $14.97 toward the end of the month.
Unfortunately, after reaching the ATH price, the team made the announcement that the Mainnet 3.0 launch would be delayed until June 2021. As a result, THETA rolled over and quickly dropped as low as $10.60, where it found support at a short term .5 Fib Retracement.
It went on to rebound from this support but could not overcome resistance at $13.16 after multiple attempts toward the end of the month.
In the final days of March, THETA dropped from the $13.16 resistance and started to head lower until support was found at $11.44 at the beginning of April. This support was provided by a longer termed .236 Fib Retracement level, and it supported the market in the first few days of April.
Today, the 13% price surge allowed THETA to break above $12 and reach the current $13.25 level.
THETA price short term prediction: Bullish
THETA is considered to be strongly bullish right now. The coin would need to fall beneath $10 to be considered as neutral again and would have to continue further beneath $6.00 (100-day EMA) to be in danger of turning bearish in the short term.
If the sellers push lower, the first level of support lies at $13. This is followed by $12, $11.44 (.236 Fib Retracement), $10.63 (short term .5 Fib Retracement), and $10. Beneath $10, added support lies at $9.57 (.382 Fib Retracement), $9.00, and $8.06 (.5 Fib Retracement).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance lies at $14. This is followed by resistance at the ATH price of $14.97, $16, $17, and $17.36 (1.272 Fib Extension).
If the buyers can continue to drive beyond $18, higher resistance can be expected at $18.58 (1.414 Fib Extension), $19, $20, and $20.34 (1.618 Fib Extension).
What has been going on?
The situation is fairly similar for THETA/BTC. The cryptocurrency had turned parabolic toward the end of March after breaking above an ascending price channel. It then exploded higher to reach the ATH price at 27,745 SAT toward the end of the month.
Unfortunately, it started to fall lower from the ATH until support was found at 19,300 SAT at the beginning of April. This support was provided by a .382 Fib Retracement level, and it held the market in the first few days of April.
Today, THETA rebounded from this support and climbed above 22,000 SAT to reach the current 23,180 SAT level.
THETA/BTC price short term prediction: Bullish
THETA is strongly bullish right now. The coin would need to drop beneath the support at 19,300 SAT (.382 Fib Retracement) to turn neutral, and it would need to continue further beneath the support at 12,000 SAT (100-day EMA) to be in danger of turning bearish.
If the sellers push lower, the first level of support lies at 22,000 SAT. This is followed by 20,000 SAT, 19,300 SAT (.382 Fib Retracement), 18,000 SAT, and 16,690 SAT (.5 Fib Retracement).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance lies at 24,000 SAT. This is followed by 25,000 SAT, 26,000 SAT, and then at the ATH price of 27.745 SAT.
Beyond the ATH price, resistance lies at 30,000 SAT, 32,380 SAT (1.272 Fib Extension - orange), 33,740 (1.272 Fib Extension - green), and 36,000. Added resistance lies at 36,882 SAT (1.414 Fib Extension - green), and 38.260 (1.618 Fib Extension - orange).
Keep up to date with the latest THETA price predictions here.
Previous Technical Analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:
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- Tezos Price Analysis - XTZ Surges 71% This Month As Tim Draper Announces Support For Blockchain (Bullish)
- Bitcoin Sees $1 Trillion Market Cap For More Than 10 Days As Entire Cryptocurrency Industry Surpasses Value of US Banking Sector (Bullish)