Theta Network Price Analysis: THETA Consolidating at Lower Levels, What About the Recovery?

  • Theta Network price has consolidated inside the horizontal zone delineated at lower levels.
  • The THETA crypto is trading below the daily moving average of 20, 50, 100 and 200 days.
  • THETA/BTC pair is at 0.00006016 BTC with an intraday decline of 2.98%.

Theta Network price is trying to break out of the consolidation phase on the daily price chart. The token needs to register its breakthrough by accumulating a significant number of buyers. However, THETA has lost around 3.30% of its market capitalization in the last 24 hours. The accumulation of THETA bulls is necessary for the token to adapt to the constant momentum of the uptrend and move towards the upper trendline of the consolidation phase. On the daily chart, THETA coin price is trying to develop a strong uptrend. THETA bulls seem particularly focused on making their breach right from the consolidation phase. Investors in THETA should wait until the bulls continue to hold their position at the edge of the area that is range bound and break through the barrier.

Theta Network price is currently $1.20 CMP, down 3.30% by market cap from the previous day. Trading volume increased by more than 12% during the intraday trading session. The THETA currency appears to be recovering as volume is bullish. To witness the breakout of the THETA token, THETA bulls must maintain the current speed of the rise. The volume to market capitalization ratio is 0.04788.

The daily THETA coin price chart shows a rapid upward movement. The token aims to break out of the consolidation phase after trading sideways since May 17. THETA bulls are working to create support for THETA to break out of the pattern properly. This preemptive moment can be seen by looking at trading volume, which is below average and set to rise throughout the intraday trading session. THETA must maintain upward momentum for the bulls to hold the upper trendline.

Lower end support is at $1.02 and upside resistance is at $1.50.

Bears vs Bulls The game is on for THETA

The horizontal region related to the range of the daily price chart is tempted to be broken by the price of THETA coins. THETA bulls continue to push the coin higher to indicate its breakout. THETA looks ready to end the current phase of consolidation. Technical indicators suggest THETA’s sideways momentum on the daily chart.

The Relative Strength Index showcases the bullish momentum of THETA towards the upper trendline. The RSI is at 45 and THETA investors can expect any direction change up to 50 as soon as it breaks out of neutral. MACD exhibits the sideways momentum of the THETA coin in the consolidation phase. The MACD line overlaps the signal line and awaits any type of crossover. THETA investors should wait for any direction change on the daily chart.

Conclusion

Theta Network price is trying to break out of the consolidation phase on the daily price chart. The token needs to register its breakthrough by accumulating a significant number of buyers. However, THETA has lost around 3.30% of its market capitalization in the last 24 hours. The accumulation of THETA bulls is necessary for the token to adapt to the constant momentum of the uptrend and move towards the upper trendline of the consolidation phase. This preemptive moment can be seen by looking at trading volume, which is below average and set to rise throughout the intraday trading session. THETA must maintain upward momentum for the bulls to hold the upper trendline. Technical indicators suggest THETA’s sideways momentum on the daily chart. The MACD line overlaps the signal line and awaits any type of crossover. THETA investors should wait for any direction change on the daily chart.

Technical levels

Support Level: $1.02

Resistance Level: $1.50

Disclaimer

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