Theta Network Price Analysis: THETA Crypto Needs to Escape This Consolidation Phase at 2020 Lows!
- The Theta Network price has consolidated within the horizontal area delineated above the daily price chart.
- The THETA crypto is trading at the 20 EMA, but still below the 50, 100 and 200-day daily moving averages.
- The THETA/BTC pair is at 0.00005988 BTC with an intraday gain of 5.85%.
Above the daily price chart, Theta Network price is trying to break out of the consolidation phase. The coin needs to gather a significant number of buyers to register the breakout. However, in the last 24 hours, THETA has gained over 4.58% of its market capitalization. For the token to adopt the consistent uptrend and move towards the upper trendline in the consolidation phase, THETA bull accumulation is necessary. THETA coin price is trying to establish a strong uptrend on the daily chart. The THETA bulls seem particularly keen to break out of the consolidation phase. Investors in THETA must wait until bulls maintain their position on the edge of the range-bound zone and the breakout.
Theta Network is currently trading at CMP $1.138, up 4.58% in terms of market capitalization from yesterday. During intraday trading, trading volume increased by almost 18%. Volume is up and THETA currency seems to be recovering. THETA bulls need to sustain the current rate of ascent to see the THETA token breakout. The ratio between volume and market value is 0.04733.
The price of THETA coins is moving rapidly upwards, as shown on the daily chart. After trading sideways since May 17, the token is trying to break out of the consolidation phase. For THETA to properly break out of the pattern, bulls work to build support. Transaction volume, which is below normal and must increase throughout the intraday trading session, can be used to identify this preemptive moment. Bulls need to maintain the upward momentum at THETA to maintain their position on the higher trend line.
What do technical indicators suggest about THETA?
THETA coin price is trying to break through the daily price chart’s horizontal banded region. The coin is being pushed upwards by THETA bulls, indicating a breakout. The current consolidation phase appears to be coming to a conclusion for THETA. Technical indicators point to THETA’s daily chart showing an uptrend.
The upward momentum of THETA towards the higher trendline is shown by the relative strength index. Investors in THETA can anticipate any directional change up to 50 when RSI breaks out of neutrality at its current level of 37. THETA coin’s sideways momentum is visible on MACD during the consolidation phase. The MACD line is positioned so that it crosses the signal line and waits for any kind of crossing. Investors in THETA need to watch the daily chart for any directional changes.
Conclusion
Above the daily price chart, Theta Network price is trying to break out of the consolidation phase. The coin needs to gather a significant number of buyers to register the breakout. However, in the last 24 hours, THETA has gained over 4.58% of its market capitalization. For the token to adopt the consistent uptrend and move towards the upper trendline in the consolidation phase, THETA bull accumulation is necessary. THETA coin price is trying to establish a strong uptrend on the daily chart. Transaction volume, which is below normal and must increase throughout the intraday trading session, can be used to identify this preemptive moment. Bulls need to maintain the upward momentum at THETA to maintain their position on the higher trend line. The MACD line is positioned so that it crosses the signal line and waits for any kind of crossing. Investors in THETA need to watch the daily chart for any directional changes.
Technical levels
Support Level: $1.00
Resistance level: $1.25
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
