THETAUSDT , Descending Triangle , Possible breakout?
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Theta will thrive in 2022?
- THETAUSDT bounced off the Strong support on 3.5$-3.8$ on Jan. 11, indicating that bulls are accumulating on dips. The Stochastic has formed a positive divergence, suggesting that the selling pressure could be reducing and buy pressure would rise.
- looking on our 1D time frame chart if bulls drive the price above the 20-day EMA 4.40$ ( purple resistance ), the pair could rise up from the downtrend line. This level may act as a stiff resistance, but if bulls overcome it THETA could rally to 5.94$( 200-day EMA /Strong Resistance ). A breakout and close above this level could complete a double bottom pattern in the short term. This setup has a pattern target at 8.00$.
-Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that sentiment remains negative and traders are selling on every short rallies. The bears will then attempt to pull and sustain the pair below the $3.85 to $3.50 support zone. If they succeed, it will signal the start of the next leg of the downtrend.
Fundamental analysis :
- Speaking from Fundamental side Theta is looking with the recent news and updates :
1- ThetaDrop launches on February 1 2022
2- Staking access improves
3- Blockchain gaming and video streaming into bigger growth ( big-name partnerships and integrations)
Good Luck Traders!
- Please push the like button if you like the content or drop a comment to share your idea!
Theta will thrive in 2022?
- THETAUSDT bounced off the Strong support on 3.5$-3.8$ on Jan. 11, indicating that bulls are accumulating on dips. The Stochastic has formed a positive divergence, suggesting that the selling pressure could be reducing and buy pressure would rise.
- looking on our 1D time frame chart if bulls drive the price above the 20-day EMA 4.40$ ( purple resistance ), the pair could rise up from the downtrend line. This level may act as a stiff resistance, but if bulls overcome it THETA could rally to 5.94$( 200-day EMA /Strong Resistance ). A breakout and close above this level could complete a double bottom pattern in the short term. This setup has a pattern target at 8.00$.
-Conversely, if the price turns down from the 20-day EMA or the downtrend line, it will suggest that sentiment remains negative and traders are selling on every short rallies. The bears will then attempt to pull and sustain the pair below the $3.85 to $3.50 support zone. If they succeed, it will signal the start of the next leg of the downtrend.
Fundamental analysis :
- Speaking from Fundamental side Theta is looking with the recent news and updates :
1- ThetaDrop launches on February 1 2022
2- Staking access improves
3- Blockchain gaming and video streaming into bigger growth ( big-name partnerships and integrations)
Good Luck Traders!