Theta Analysis – THETA continues to move towards the top 10 coins as the market dips occur in the area
- THETA is up 13% overall today as the cryptocurrency falls above $ 12 to hit $ 13.30.
The cryptocurrency had fallen from its ATH price at $ 14.97 but found support at $ 11.45 (0.236 Fib) in April.
Against Bitcoin, THETA found support at 19,300 SAT (.382 Fib) in April and has since bounced back above 23,180 SAT
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|Theta price||$ 13.19|
|Important THETA resistance levels||$ 14, $ 14.97, $ 16, $ 17, $ 17.35|
|Important THETA support levels||$ 13, $ 12, $ 11.45, $ 11, $ 10.63|
* Price at the time of writing
While the rest of the market is down, THETA continues its epic surge with a price increase of 13%, allowing the cryptocurrency to break back above $ 12 and reach as high as $ 13.30.
The decentralized video streaming network dropped from its ATH price in late March after the team announced that the mainnet would have to be postponed until June. As a result, THETA began to decline until support was found at $ 11.45 in early April, provided by a fib retracement level of 0.236.
The start of Theta Mainnet 3.0 is now planned for June 2021 and lays the foundation for a new NFT platform in the network. In addition, over 100,000 Elite Edge nodes will be added and it will be more efficient to reward users as well as give TFuel token holders the opportunity to wager their assets.
Theta continues to climb to # 11 in the coin market cap rankings as it holds a market cap of $ 11.59 billion.
THETA coin price analysis
A look at the daily chart above shows how THETA rose towards the end of March as it rose from the support at USD 7.00 in mid-March and continued to rise until it hit its ATH price at 14.97 towards the end of the month USD reached.
Unfortunately, after reaching the ATH award, the team announced that the launch of Mainnet 3.0 would be delayed until June 2021. As a result, THETA rolled over and quickly fell to $ 10.60 where it found short-term support .5 fib retracement.
It continued to rebound from this support but failed to break the resistance at USD 13.16 after several attempts towards the end of the month.
In the final days of March, THETA fell from the resistance at USD 13.16 and started going down until support was found at USD 11.44 in early April. This support was provided by a longer term .236 Fib retracement level and supported the market in the early days of April.
The 13% rise in price enabled THETA to break above $ 12 today and hit the current level of $ 13.25.
THETA price short term forecast: Bullish
THETA is currently considered strongly bullish. The coin would have to fall below $ 10 to return to neutral and would have to stay below $ 6.00 (100-day EMA) to be in danger of going bearish in the short term.
If sellers are pushing down, the first level of support is at $ 13. This is followed by USD 12, USD 11.44 (.236 fib retracement), USD 10.63 (short-term .5 fib retracement) and USD 10. Below $ 10, the additional support is at $ 9.57 (0.382 fib retracement), $ 9.00, and $ 8.06 (0.5 fib retracement).
Where is the resistance to the top?
On the flip side, the first level of resistance is at $ 14. This is followed by resistance at the ATH price of $ 14.97, $ 16, $ 17, and $ 17.36 (1.272 Fib Extension).
If buyers can continue to go above $ 18, expect higher resistance at $ 18.58 (1.414 Fib Extension), $ 19, $ 20, and $ 20.34 (1.618 Fib Extension).
At THETA / BTC the situation is pretty similar. The cryptocurrency had turned parabolic towards the end of March after breaking above an ascending price channel. It then exploded higher, reaching the ATH price at 27,745 SAT towards the end of the month.
Unfortunately, it began to slide from the ATH until support was found at 19,300 SAT in early April. This support was provided by a fib retracement level at 0.382 and held the market for the first few days of April.
Today, THETA recovered from that support and rose over 22,000 SAT to hit the current level of 23,180 SAT.
THETA / BTC price short term forecast: Bullish
THETA is currently very bullish. The coin would have to fall below support at 19,300 SAT (.382 Fib Retracement) to go neutral and it would have to stay below support at 12,000 SAT (100-day EMA) to be in danger of going bearish .
If the sellers push down, the first level of support is 22,000 SAT. This is followed by 20,000 SAT, 19,300 SAT (.382 Fib Retracement), 18,000 SAT and 16,690 SAT (.5 Fib Retracement).
Where is the resistance to the top?
On the other hand, the first resistance level is 24,000 SAT. This is followed by 25,000 SAT, 26,000 SAT and then the ATH price of 27,745 SAT.
Beyond the ATH price, the resistance is 30,000 SAT, 32,380 SAT (1.272 Fib Extension – orange), 33,740 (1.272 Fib Extension – green) and 36,000. The additional resistance is 36,882 SAT (1.414 Fib Extension – green) and 38.260 (1.618 Fib Extension – orange).
Keep up to date with the latest THETA price predictions here.
Previous technical analysis
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