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THETA

Charted: THETA Rallies To Enter Top 10, Why It Could Test $20

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2 mins read

THETA started a strong increase from the $6.50 support zone against the TetherUS. The price is now up over 25% and it is likely to continue higher above $15.00.

  • THETA started a strong rally above the $8.00 and $10.00 resistance levels against the TetherUS.
  • The price is trading nicely above $12.00 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $10.00 on the 4-hours chart of the THETA/USD pair (data source from Kraken).
  • The pair is likely to continue higher if it clears the $15.00 and $15.50 resistance levels in the near term.

THETA Enters Top 10

After forming a support base above the $6.00 and $6.50 levels, THETA price started a sharp increase. It broke a couple of important hurdles near $10.00 to move into a solid uptrend, outperforming bitcoin and ethereum.

The price even cleared the $12.00 resistance and settled above the 100 simple moving average (4-hours). A new all-time high is formed near $14.57 and it has entered the top 10 cryptos by market cap. THETA is currently consolidating gains above the $13.50 support.

The 23.6% Fib retracement level of the upward move from the $9.74 low to $14.57 high is also near $13.50 to provide support. The next major support is near the $12.20 level.

THETA Price

Source: THETAUSDT on TradingView.com

The bulls are likely to protect the 50% Fib retracement level of the upward move from the $9.74 low to $14.57 high near $12.16 level. Moreover, there is a key bullish trend line forming with support near $10.00 on the 4-hours chart of the THETA /USD pair.

On the upside, the price is facing hurdles near $14.50 and $15.00. A close above the $15.00 level could open the doors for another increase and the price might surge towards the $18.50 and $20.00 levels.

Dips Supported?

If THETA price fails to climb above $15.00 or $15.50, it could correct lower. The first major support is near the $12.20 and $12.00 levels.

The main support is now forming near the $10.00 zone and the trend line. A downside break below the $10.00 support might open the doors for a push towards the $7.50 support.

Technical Indicators

4-Hours MACD – The MACD for THETA/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for THETA/USD is well above the 60 level.

Major Support Levels – $12.20, $12.00 and $10.00.

Major Resistance Levels – $14.50, $15.00 and $20.00.

Tags: THETAthetabtcthetausdthetausdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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