THETA is preparing for another rally and beckons with 10 US dollars

  • THETA has just broken above the mean limit resistance of an ascending channel and has restarted the uptrend.
  • The upward trend is supported by the improvement of the technical level based on the MACD.
  • A resistance of $ 8 can either stop or delay the upswing and potentially lead to a surge in sell orders.

Despite the massive upswing since the beginning of the year, THETA has persistently pushed for new record highs. A recent all-time high of $ 8 marked a temporary halt in the uptrend. A correction came into play with THETA testing support at $ 6.2. At the time of writing, THETA is trading at $ 7.55 after breaking resistance in the technical pattern.

THETA’s technical breakout rises to $ 10

The price is traded within the boundaries of an ascending parallel channel. Following the support at $ 6.2, the THETA bulls have focused on breaking the $ 8 hurdle. Meanwhile, the cryptocurrency is trading above the resistance of the middle limit of the channel. On the upside, the eyes are glued to the $ 8 hurdle which, if broken, will pave the way for profits over $ 10.

THETA 4-hour chart

The Moving Average Convergence Divergence (MACD) has been bearish but is currently providing a bullish impulse. The MACD line (blue) is likely to cross the signal line, further solidifying the bulls’ presence in the market.

The same 4 hour chart shows that the SuperTrend indicator is still positive. In other words, the THETA rally is intact and new all-time highs are possible in the upcoming sessions. The SuperTrend indicator identifies the general trend of an asset and indicates when to take a long or short position.

THETA / USD 4 hour chart

THETA / USD 4 hour chart

Look at the other side of the fence

It is worth noting that if the centerline support of the ascending parallel channel breaks, THETA will not continue its uptrend to $ 8 or $ 10, respectively. The MACD also needs to confirm the bullish outlook to reinforce the uptrend. Note that we can expect THETA to decrease noticeably if the indicator resumes the previous downward movement.

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