THETA price analysis: THETA rallies high towards $7.4, targets $7.7 crucial resistance next
- Theta price analysis is highly bullish today.
- Strong resistance is found at $7.7.
- Strong support is present at $7.1.
Theta rallied high from $6.6 to $7.4 today, after covering a downwards range yesterday. The short-term price trend line is upwards as coin’s performance has been better this week, and today’s gain is the highest weekly gain the Theta has observed. Today’s bullish momentum is quite aggressive as today Theta crossed above $6.8 resistance and then $7.1 crucial resistance turning them in to support levels, the last resistance Theta crossed was at $7.3, and now the coin is eyeing 7.7 resistance next.
THETA/USD 1-day price chart: price shows upwards tendency
The 24-hour Theta price analysis shows the coin price has increased considerably today, and the crypto pair is now trading hands at $7.4 at the time of writing. The cryptocurrency has gained a value of more than 10 percent over the last 24 hours and has gained a value of 16.11 percent over the past week. The trading volume has also increased by 25.6 percent, and the market cap has increased by 7.85 percent over the last day, resulting in the market dominance of 0.28 percent.
The volatility is comparatively high, but the Bollinger bands do not show any change. The upper band is present at $8, representing resistance for Theta, and the mean average of the indicator is present at $7 representing support for the coin. The moving average (MA) is trading at the $6.6 mark below the price level and the Bollinger bands average.
The relative strength index (RSI) shows a steep upwards trending line, trading at index 55; the RSI indicates a high buying activity in the market.
THETA price analysis: Recent developments and further technical indications
The 4-hour price chart for Theta price analysis shows the coin started getting positive market sentiment during the late hours of yesterday’s session. As most of the cryptocurrency market turned bullish and many coins started rising, so did Theta, but interestingly Theta continued comparatively more upside as the price has been on the rise for more than 16 hours, and only green sticks can be seen for today.
Theta shows higher volatility on an hourly basis as the Bollinger bands are covering more area on the 4-hour chart, with the upper band at the $7.3 mark representing support for the coin. The price has been trading above the upper band for the last eight hours, and bulls have started to show signs of exhaustion as the RSI has taken a turn towards the horizontal side near the overbought zone’s borderline. The RSI is trading at index 68, and the moving average has come up to the $6.9 level.
THETA price analysis: Conclusion
Theta price analysis concludes the coin has gained good value today, and the bulls have performed beyond expectations, but for a further rally higher, the coin has to be overbought as the RSI is already at the brink of leaving the neutral zone, but such a push does not seem possible at the moment as the bulls are now tired, for the coming hours Theta may go through a small correction phase, and thereon the progress will depend upon the broader market trend. However, the good sign is the coin seems to be closing at a higher high today after the 26th November price cap of $7.1.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.
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