thecoinrepublic.com
- 1 THETA token is sustaining above 20 day EMA, gaining strength.
- 2 Bulls are stretching the bounce, hinting at a reversal.
Theta token is now gaining momentum and is sustaining above the 20 day EMA making a bullish marubozu candle which shows the strength of buyers in the last trading session. Moreover the price action shows the buyers accumulation from the demand zone near $0.570 which was defended by the token and returned back towards its 20 day EMA mark.
Furthermore, the token is showing a volume spike which shows the intent of investors to attain the momentum and ride the gains in the upcoming sessions. Theta token escaped above the resistance mark of $0.700 and sustained above the neckline of $0.750 showing fresh signals of a trend reversal.
The price action of THETA suggests that token is ready for a further follow on buying and it is heading towards the 50 day EMA and followed by 100 day EMA mark to attain the trajectory swing of $0.850 in the upcoming sessions. Moreover, the token escaped the congestion zone and entered the bullish territory where buyers have been building up.
At the time of writing, THETA token is trading at $0.757 with an intraday gain of 6.27% showing strong bullish perspectives. The trading volume also surged by 7% at $21.31 Million. Furthermore, the market cap of the token is at $752.44 Million.
Daily Charts Showing a Reversal
On the daily charts, THETA token is showing a reversal move from the demand zone and heading towards the 50 day EMA. Moreover, the token has shown a decisive move in the last trading session where sellers are trapped and the token shows an extensive short covering move, sustaining above the 20 day EMA.
As per the Fib levels, THETA token is going towards the 50% level near the neutrality and sustained above the mid bollinger band also showing that the correction phase of the token is now ended and fresh buying signals are anticipated on the token.
What THETA Suggests On the Short Term Chart
On the 4 hour charts, THETA token broke its hurdle of $0.700, which was the primary resistance mark at 20 day EMA.
Moreover, the token is attaining fresh momentum in the last trading sessions showing a one way buying move which trapped the sellers.
The RSI curve was flying towards 70, the overbought zone with a positive divergence noted on the charts suggesting a positive outlook.
The MACD indicator tells the same story with the formation of green bars on the histogram and showing a bullish crossover on the charts.
Conclusion
THETA token is near the +50 day EMA and is looking for an extensive move which could lead to fresh beginning on an uptrend.
Technical levels –
Support -$0.0700
Resistance – $0.800 and $0.850
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.