Theta Price Analysis: THETA Coin Price Is Falling To Retest $ 7.1 Mark

  • The THETA coin shows a bullish crossover of the 20- and 50-day EMA
  • The THETA / BTC pair traded for 0.0001168 BTC with a loss of 4.57%
  • The daily trading volume of the THETA coin is $ 1.413 billion, an increase of 219.8%

The THETA coin offered crypto traders an excellent long opportunity with an inverted head and shoulders pattern on the daily time frame chart. The critical resistance (excerpt) of this pattern was $ 7.1, and price has enabled a critical breakout from that level. However, the price is currently pulling back to get adequate support from this level.

In relation to the EMAs, the THETA coin is showing a bullish trend with its price trading above the 20, 50, 100 and 200 EMA. In addition, the coin chart also shows a bullish crossover of the 20 and 50 EMA.

The Relative Strength Index (RSI) value is 55, which indicates a bullish sentiment in this coin.

The THETA Coin Crypto Chart in a 4-hour timeframe

The THETA coin showed a V-top rejection of the resistance at $ 8.1, pushing the coin price back down to the $ 7.1 level. The crypto traders should wait and see if the price gets enough support from this level before entering a new long position on this coin.

As per the traditional pivot levels, the next level of resistance for the THETA price is $ 7.43, followed by the $ 8 mark. If the re-test of the $ 7 support fails, the next significant support for the price will be at $ 6.3.

diploma: The technical chart showed a positive outlook for the THETA coin as its price broke the $ 8 neckline of the bullish pattern. However, the price has yet to validate whether this breakout was real or not, which would signal a proper entry point for these traders as well.

Support – $ 7.1

Resistance $ 8.1

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