THETA Price Analysis: Theta bears left to cool their heals

•THETA/USD is currently priced at $1.19 and has increased by 1.35% over the past day

•The trading volumes have increased by 43.03% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Theta price is a period of accumulation 

The Theta price today is $1.19 USD with a 24-hour trading volume of $68,528,362 USD. Theta Network is up 1.35% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.05763 for the altcoin.

Theta has been in an uptrend for the past week but the asset witnessed a wobbly afternoon yesterday. However, in spite of the slight hiccup witnessed in the day prior, the momentum is still firmly with the bulls as the Theta price is currently transacting above the 20,50 SMA on the four hour chart. The continuation of the uptrend would be a welcome boost for the bulls somewhat, who have floundered in recent days. In that case, the resistance level placed at $1.50 would be really important for the rally to take off. On the flip side, the support level for the altcoin is placed at the critical $1 level in the event of a trend reversal.

Long Term View for Theta price 

The RSI for Theta has tumbled down a few notches in recent weeks and is currently transacting at 65.63. The asset looked on course to reach the overbought territory but has had some setbacks of late. However, if the bulls are able to sustain the tempo, a move into the overbought territory will be achieved very soon. The green histograms, on the other hand, have been increasing in size on the daily chart even as the MACD and signal lines continue to transact in the positive territory. 

Conclusion

The technical indicators for Theta suggest that the altcoin has come up trumps against the bears even as it has come under immense pressure in recent days. Hence, we can expect Theta price to continue rising in the days ahead.

Support: $1

Resistance: $1.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.