THETA Coin Price Analysis: THETA coin price is resting at the long-term support zone, will

• THETA coin price is trading in a narrow parallel channel pattern on a daily timeframe, and currently, it is resting at the long-term demand zone.
• The coin is forming a symmetrical triangle pattern on an hourly time frame.
• The pair of THETA/BTC is trading at 0.00005821 with a decrease of -1.07% in the market cap of the digital asset over the past 24 hours.

THETA coin price is in a strong downtrend after breaking down the long-term demand zone at $2.138 and now it is acting as a strong supply zone in a broader time frame. There seems hope for recovery in the coin as it is resting at the long-term important demand zone of $0.902. The coin has started forming lower low and lower thigh formation on a daily time frame. The coin fell after facing rejection at 50 and 100 EMA, and currently, it is trading below the vital 50 and 100 EMA. THETA coin price is presently at 20 EMA after the fake breakout of 50 EMA. The coin is trading in the middle of the Bollinger band indicator after failing to surpass the upper band of the Bollinger band indicator. Investors should be cautious and not take a long position until the $1.542 price level is not broken. Volumes have increased over the last trading days, causing volatility to increase, and thus investors should wait until the price settles and then take trades.

MACD and Supertrend are showing neutral signs in the daily time frame

As per the price action, the THETA coin price is neutral as the coin broke off the long-term demand zone. The technical parameters suggest the same.

Supertrend: Recent bearishness in the price of the THETA coin led to the Supertrend indicator’s breakdown at $3.153 and the supertrend gave a sell signal. Since then the coin is in a strong downtrend. The coin is currently trading below the supertrend line, acting as resistance. If the coin bounces off the long-term demand zone, there can be a bullish movement in the digital asset price. If the coin cannot sustain the above long-term demand zone, it can continue the bearish trend that can push the price down to $0.902

Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover, despite the coin breaking down the demand zone. The buyer’s signal line(blue) crossed the seller’s signal line (orange) on the upside, indicating a possible breakout of the short-term supply zone at $1.543 which can push the coin price up to $2.131 with strong momentum. The Orange line jumped off the clue line, indicating a possible bullish momentum for upcoming days.

THETA coin price is forming a symmetrical triangle pattern on the hourly time frame

THETA coin price is in a downtrend after facing rejection at the supply zone, and currently, it is resting at the long-term demand zone. The coin is trading in a small range and is facing rejection from the previous supply zone.

Average Directional Movement Index: ADX has been continuously dipping over the past trading days, and recently, it slipped below 20, as the coin faced rejection at $1.532. The ADX curve is seen recovering, and it has turned upwards at present. Thus indicating a halt in the movement of the price and possible change in the structure of the price movement.

Relative Strength Indicator: RSI is trading at 39.76 as the coin forms a bullish reversal pattern on a daily time frame. The RSI curve is yet to cross the 50 halfway mark, and once it gives the breakout of the bullish pattern, the coin can be seen moving up, as a result, possible uptrend in the coin price. The RSI curve has also neared the 50 SMA, indicating a bullish momentum for the upcoming trading days if it breaks above it.

Conclusion 

THETA coin price, as per the price action, is showing bullish signs, and the technical parameters are suggesting the same. It remains to see if the coin breaks above the long-term supply zone of $54.00 and moves above it or faces rejection and again falls.

SUPPORT: $0.9020 and $0.9220

RESISTANCE: $1.5438 and $2.1213

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.