Table of contents
Taking a bearish reversal within the sideways range, THETA prices survive the bear attack and avoid a downfall below the range.
Key technical points:
The market price has increased 13.18% over the past 24 hours.The price action prepares the morning star pattern formation.The 24-hour trading volume of Theta Network is $181 Million, indicating a hike of 75%.
Past Performance of THETA
The sideways trend in THETA prices leading to a consolidation range between the $1 and $1.45 mark survives the bear cycle. The 25% fall within the range sustains above the psychological mark of $1 and avoids a bearish breakout to further fuel the downtrend. Moreover, the lower price rejection from the $1 mark restarts the bull cycle and lowers the possibility of downtrend continuation.
THETA Technical Analysis
The bullish reversal in THETA prices starts forming a morning star pattern in the sideways range. Finally, the prices skyrocket and strive to reach the overhead resistance at $1.45. Moreover, the opportunity to dip has influenced the bullish reversal. The MACD indicator shows the fast and slow lines actively trying to avoid a bearish crossover and move minimally upwards to sustain the bullish spread. Therefore, a sudden increase in bullish histograms will mark a buying signal and increase the possibility of a bullish breakout.
The RSI indicator shows a resurgence of momentum in the underlying bullishness as the RSI slope surpasses the 14-day average line. The reversal approaching the halfway line will signal a buying spot to enter the nearly overbought zone when it exceeds it. Hence, the technical indicator displays a rising momentum in the bullish reversal that supports the morning star pattern formation. In short, the THETA technical analysis forecasts a bullish reversal within the consolidation range to the $1.45 mark.
Suppose the buyers successfully form a morning star pattern, THETA price may shortly reach the $1.45 mark with an increased likelihood of a bullish breakout.
Resistance Levels: $1.45 and $1.75
Support Levels: $1 and $0.80