Theta Network Price Analysis: THETA is ready to exit the consolidation phase

  • The Theta Network price traded inside an area bounded by the daily chart.
  • The crypto asset has recovered up to 20 SMA and is trying to gain up to 50, 100 and 200 day daily moving average.
  • THETA/BTC pair is at 0.00004256 BTC with an intraday gain of 6.06%.

The Theta Network price traded inside a horizontal zone marked on the daily chart. The token is trying to gain either the steady uptrend or the downtrend but failed to register its breakout or breakout. This time, THETA bulls seem quite determined to register the breakout of the token from the range bounded area. Theta Network price consolidated between $1.07 and $1.42. THETA coin needs to attract more buyers to maintain the current uptrend momentum on the chart. THETA investors need to wait for the bulls to hold at the edge of the consolidation phase to register the breakout of the token.

Theta Network price is currently CMP at $1.32 and has gained 10.69% of its market capitalization in the last 24 hours. Trading volume increased by 62% during the intraday trading session. This shows that THETA bulls are piling up for the token’s rescue. The volume to market capitalization ratio is 0.06076.

THETA Coin price is trying to take a strong uptrend on the daily chart. The token must hold above the area bounded by the range to stay out of the consolidation phase. However, the change in volume is still below average and must increase during the intraday trading session for THETA to register its breakout.

Lower end support is at $1.05 and upside resistance is at $1.42.

Will THETA exit the consolidation phase?

THETA Coin price is trying to maintain the momentum of the uptrend on the daily chart. THETA attempts to escape the consolidation phase as it rises towards the upper trendline or the neckline of the horizontal area bounded by the range. The token needs to hold at the edge of the consolidation zone to register its breakout.

Technical indicators suggest THETA is rising towards neutrality to surpass it. The relative strength index confirms that the THETA token is moving towards neutrality and could move into overbought territory.

MACD presents the consolidation phase of THETA on the chart. The MACD line is above the signal line and is approaching 0 to enter the positive zone.

Conclusion

The Theta Network price traded inside a horizontal zone marked on the daily chart. The token is trying to gain either the steady uptrend or the downtrend but failed to register its breakout or breakout. However, the change in volume is still below average and must increase during the intraday trading session for THETA to register its breakout. THETA investors need to wait for the bulls to hold at the edge of the consolidation phase to register the breakout of the token.

Technical levels

Support levels: $1.05 and $0.95

Resistance levels: $1.42 and $1.60

Disclaimer

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