Theta Network Price Analysis: THETA Coin Again Fails to Break Limited Trading Range

  • The Theta Network’s piggy bank appears to be in range below the channel.
  • Market cap of $1.4 billion, up 3% in the past 24 hours.
  • Trading volume increased by 117% to $177 million in the past 24 hours.

The theta network appears to be very laterally below the horizontal range. However, buyers and sellers repeatedly try to break this limit. Bulls and bears dominate the price of the coin and hence speculators set trading ranges.

Over the past three weeks, speculators have identified the Dragonfly Doji candle on the daily price chart. Therefore, the buyers continue to push the price towards the resistance level of the horizontal pattern. Meanwhile, the weekly price candlesticks have shown a bullish trend over the past 4 weeks.

Buyers have gained around 45% in the past 30 days, but are exhausted near the immediate upside barrier. Thus, theta coin is trading at $1.4 at the time of writing. There is major resistance at the $1.5 level, furthermore, the buyers have a significant cover zone at the $1.0 conceptual level.

The theta asset price is trading above the major red moving lines of the EMA Ribbon indicator on a daily price scale. Market cap of $1.4 billion, up 3% in the past 24 hours according to CMC. Buyers are facing a pullback today, however, trading volume is up 117% to $177 million in the past 24 hours.

Buyers turn aggressive near the $1 support level

On the daily price scale, the RSI indicator reversed from the 62 levels as it moved higher in a rising wedge pattern (blue). Conversely, the MACD moved above the neutral zone indicating a bullish signal for the Theta coin.

Conclusion

The Theta Network coin failed to move above this narrow horizontal range. Therefore, bulls need confirmation before taking a bullish call. However, the technical indicators are showing bullish signals for the Theta coin.

Support level – $1.0 and $0.8

Resistance level – $1.5 and $2.0

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.