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- 1 THETA token price revamped from the 20 day EMA mark.
- 2 Buyers are regaining strength and looking to surpass $1.200.
Theta price (THETA) witnessed a recovery and is heading to retest the swing high of $1.190, where bulls are gaining traction and are looking to trap the sellers. However, Theta token price is close to the supply zone of $1.20, which must be surpassed decisively to extend the buying momentum. However, a sharp rebound demonstrates the investors’ interest and willingness to reach the swing high of $1.300.
Theta price has surpassed the significant moving averages and reveals strength on the charts. Moreover, the price action shows the bulls’ dominance, and the token healed back sharply during the retracement. Despite the sellers’ attempt to push Theta price below the 20-day EMA, a sharp increase in trading volume suggests that a massive block of investors made their positions and reverted the trend.
The live price of the Theta token is $1.16, with an intraday gain of 7.26%, showing a reversal on the charts. Moreover, the trading volume increased by 3.64% to $55.92 Million. However, the pair of THETA/BTC is at 0.0000274 BTC, and the market cap is $1.14 Billion. Analysts have maintained a buy rating and suggest a growth outlook for the upcoming sessions.
Will THETA Price Escape the Prompt Hurdle of $1.20?
The price is heading to the 52-week high mark of $1.30 on the daily chart, and buyers were gaining momentum over the past number of sessions. The correction has ended, and fresh buying interest was noted. Theta token price has surged over 95% in the last few weeks and approached the bullish trajectory.
The RSI curve stayed in the overbought zone and formed a positive crossover on the chart, displaying the impressive buying scenario.The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Weekly Charts of Theta Displays Rebound From Lows
On the weekly chart, Theta price rebounded from the demand zone of $0.580 and surpassed the 50-day EMA mark. The token has registered a range breakout and decisively sustained the gains above the crucial hurdle of $1.10. Additionally, Theta price has crossed the 38.2% Fibonacci retracement zone and is trying to escape the 50% zone.
Summary
Theta price has witnessed a trend reversal and is gaining strength above the key moving averages, revealing the buying interest on the charts. The token has rescued the gains and is attempting to retest the supply zone of $1.20.
Technical Levels
Support Levels: $1.10 and $1.00
Resistance Levels: $1.20 and $1.40
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.