- THETA’s price was able to rise during this bear market.
- A majority of technical indicators for the altcoin are currently bullish.
- Traders could look to buy THETA if its drops inside the zone between $0.8-$1.2.
The price of Theta (THETA) saw a spectacular rise in the midst of the crypto market rebound. Bulls were given a springboard to extend their bull run once THETA’s price broke above the $1.1 resistance level. Buyers are now waiting for another position to enter into a long position as the altcoin approaches the $1.2 resistance.
However, it now appears that THETA’s price increased too rapidly within a short time. With a 1.55% increase on the day and a weekly chart representing a downhill trend in previous days, will THETA rebound to its previous highs this new month?
THETA has been on the rise since it found support at around $0.904. Despite this, the last two daily candles have closed negatively. Nonetheless, this may be an excellent opportunity for a short-term buy.
A majority of technical indicators are bullish. This points to a potentially favorable outlook for the altcoin. However, it might be a poor investment if investors don’t purchase it at the support level.
Weekly THETA candlesticks are developing below the Bollinger Bands and consolidating between $1.2 and $0.8. In addition, the last two weeks have printed bullish weekly candles. However, the current weekly candle is in the red, indicating more consolidation over the next several weeks.
If THETA’s price drops into the lower part of the consolidation range, then it may be a great opportunity.
Looking at the long-term charts for THETA, the Relative Strength Index (RSI) indicator has dropped to now trade at 65.63. Despite the asset trending toward overbought territory, it has printed some losses recently.
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