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- 1 Theta price trades at $0.806 while observing a gain of 2.67% during the intraday session.
- 2 THETA price has crossed 20-day and 50-day EMA positively.
- 3 The year-to-date return of Theta Network is 11.63% while the three-month return -is 21.67%.
Theta price has been in an uptrend, forming higher lows since the formation of a support level at $0.62 during mid-June, 2023. The cryptocurrency price has commenced its bullish journey in hopes of potentially rising above $1. Since the formation of the annual high at $1.302, the price had a strong influence on bears it.
Currently, THETA price has entered into a consolidation zone ranging between $0.755 and $0.83. The previous candle faced rejection from $0.83 and closed as a strong bearish candle. The current candle is bullish and is headed toward $0.83.
If a candle can close above $0.83, there is a possibility that the THETA price might head toward the next resistance level of $0.88, filling the upper wick of the 25 June candle.
On the other hand, if bears can break the uptrend and push the price below $0.755, it might head toward the $0.700 level causing a downfall of roughly 7.26%. There are still many hurdles that the price needs to cross before reaching $1.
Will THETA Price Reach $1 In July 2023?
The THETA price has positively crossed 20 and 50-day EMA indicating rising bullish momentum in the price. Chaikin money flow score is 0.04 implying that the price has strength. CMF has declined sharply from 0.17 to 0.04 since 19 July suggesting that bears have started to enter the market to halt the bullish move.
The relative strength index is trading at 56.52 showing that the price possesses bullish momentum. Currently, RSI is upward-sloping. The 20-day SMA of Bollinger has been acting as a support for the price.
The cryptocurrency price is currently headed toward the upper band which resides near the $0.83 resistance level. The long/short ratio of Theta is 1.02 with 50.67% longs and 49.33% shorts suggesting that there is higher pressure from the buying side in the last 24 hours.
Conclusion
The market structure and price action of Theta is bullish as the price is currently in an uptrend, forming higher lows, after the formation of support at the $0.62 level. Technical parameters are also favoring the buying side.
Risk traders should wait for the price to break and close above $0.83 before looking for any bids as the market leaders Bitcoin and Ethereum have turned bearish after consolidating and the Altcoins might follow in their footsteps in the long run.
The market capitalization of Theta Network is up by 0.01% to $813,904,785. The 24-hour trading volume is up by 1.66%. The price has declined 94.88% from the all-time high of $15.90.
Technical Levels
- Major support: $0.755 and $0.70
- Major resistance: $0.88 and $0.94
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.