Hey friends hope you are well, and welcome to the new update on Theta coin.
The Ichimoku bullish cloud became more strong bullish: In my previous article we saw that on weekly chart, the Ichimoku cloud was changed bullish and the price action was at $0.27.
Now, the price action has spiked beyond $0.91 and the cloud has become more strong bullish. While in this bullish move the price action is also breaking out the $0.80 long-term resistance, this resistance was first found in Sep 2020. Now we need the weekly closing above $0.80.
Alligator’s mouth formation by SMAs On daily chart, the price action is moving above simple moving averages with the time period of 25, 50, 100 and 200 and all these SMAs have formed an opened alligator’s mouth.
Long-term bullish channel: On weekly chart, the price action of Theta coin has formed an up-channel and moving very nicely between support and resistance of this pattern. If we take a look back in Jan 2020, then price of Theta was $0.09 and while moving within this channel at the end of 2020, now the price action has rallied more than $0.91, and we can expect that it will reach $1 before the end of Dec 2020, so it will be more than 1011% gain. Therefore, on average the theta is producing approximately 85% ROI. The year 2021, is considered more bullish in favor of alts, therefore if we conservatively think, that the growth of 85% will be consistently continued in 2021 then by the end of 2021 we can expect $10.