Published 2 hours ago
Under the influence of a support trendline, the Theta coin price has shown a sustained recovery for the past six weeks. From the last swing low of $0.861, this bullish rally recorded a 30% rally to reach the current price of $1.129. However, analyzing the daily time frame chart, we spotted three key reasons why Theta coin price may witness significant growth in the year 2023.
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Massive Reversal Pattern Formation in Theta Price
Source- Tradingview
In the daily time frame chart, the Theta coin price shows the formation of an inverted head and shoulder. This pattern is one of the famous bullish reversal patterns consisting of one long swing low known as the head, two shorter swing lows called shoulders, and a key neckline resistance.
By the press time, the Theta count traded at the $1.13 mark, and using the aforementioned support trendline, the price may rise 15% to hit the $1.3. Thus, a potential breakout from the pattern resistance trendline will project a trend reversal sign.
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In ideal bullish conditions, this pattern setup could drive the Theta price another 45% higher to hit the $1.9 mark.
Also Read: 15 New Cryptocurrencies To Buy In 2023
The Relative Strength Index Reflects Buying Pressure Rises
Source- Tradingview
While the Theta price action reverts from the same highs of $1.3, the daily RSI slope with its own rally of higher highs and higher lows. The rally presents the underlying growth in buying momentum is rising, indicating a higher possibility of upcoming recovery.
A potential crossover of RSI above the midline will give additional confirmation for buyers.
Daily EMAs Signals Early Signs for Bullish Recovery
Source- Tradingview
The rising Theta price has recently reclaimed the crucial daily EMAs(20, 50, 100, and 200).
In theory, a coin price above the 100 and 200 EMA reflects a mood among the market participants. Moreover, if the price witnesses occasional correction during the price rally, the traders can use the 20 and 50 for pullback opportunities.
Theta Coin Intraday Price Levels.
- Spot price: $1.25
- Trend- Bearish
- Volatility- High
- Resistance Levels: $1.3 and $1.487
- Support Levels: $0.42 and $0.4
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/3-reasons-why-theta-coin-can-boast-your-portfolio-profitability-in-2023/
