thecoinrepublic.com
- 1 THETA token price has been on an uptrend as the token price bounced off the demand zone.
- 2 THETA token price is trading near the supply zone and as of now, it has started consolidating near it.
- 3 The pair of THETA/BTC trading at the price of 0.0000494 with an increase of 1.69% in the last 24 hours.
In the previous 24 hours, the THETA token price has rebounded off the demand zone while in an uptrend. The price of tokens is still circling the available supply. On a daily time scale, however, it has developed a bearish rejection candlestick pattern. On a daily basis, it has developed a pattern with a rounded bottom.
THETA token price forms a bullish chart pattern
On a daily time scale, the price of the THETA coin is generating higher high and higher low formations. The token price is currently trading in the supply zone after breaking through every single short-term resistance. After rebounding from the lower band of the Bollinger band indicator, the price of the THETA token is currently trading at the upper band of the indicator. In the daily time frame, the price of the THETA token has broken out above its 14 SMA and 50 MA. It is resting at these Moving averages at the moment.
Despite recent bullishness, the coin price has not yet crossed above the 100 Moving Average. As a result, the token price may experience upward rejection before experiencing a sharp decline. Despite the bullish disaster of the previous day, volumes have dropped. Investors should therefore exercise caution and wait for a distinct trend.
The THETA token price is forming a rounding bottom pattern on the daily time frame
ADX curve has been dipping on a higher time frame as the coin continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.
RSI curve is trading at the level of 50.75. The RSI curve has crossed the halfway mark of 50. Once the coin gives a breakout of a rounding bottom pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.
Conclusion: THETA token price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the token price will break the rounding bottom pattern or fall heavily
Support: $1.1 and $0.90
Resistance: $1.3 and $1.6