- THETA has just broken above an ascending channel’s middle boundary resistance, restarting the uptrend.
- The uptrend is supported by improving technical levels based on the MACD.
- Resistance at $8 may either stop or delay the upswing and perhaps lead to an increase in selling orders.
THETA has been persistent in the push for new record highs, despite the massive upswing since the beginning of the year. A recently achieved all-time high of $8 marked a temporary halt to the uptrend. A correction came into the picture with THETA testing support at $6.2. At the time of writing, THETA trades at $7.55 after overcoming the technical pattern’s resistance.
THETA’s technical breakout eyes upswing to $10
The price is trading within the confines of an ascending parallel channel. Following the support at $6.2, THETA bulls have been focused on stepping above the hurdle at $8. Meanwhile, the cryptocurrency is trading above the channel’s middle boundary resistance. On the upside, eyes are glued on the hurdle at $8, which, if broken, will pave the way for gains past $10.
THETA 4-hour chart
The Moving Average Convergence Divergence (MACD) had flipped bearish but is currently giving out a bullish impulse. The MACD line (blue) is likely to cross above the signal line, further cementing the bulls’ presence in the market.
The same 4-hour chart reveals that the SuperTrend indicator is still positive. In other words, the THETA’s rally is intact, and new all-time highs are possible in the coming sessions. The SuperTrend indicator identifies an asset’s general trend and suggests when to take a long or short position.
THETA/USD 4-hour chart
Looking at the other side of the fence
It is worth mentioning that THETA will fail to carry on with the uptrend to $8 and $10, respectively, if the ascending parallel channel’s midline support shatters. The MACD also has to confirm the bullish outlook to reinforce the uptrend. Note that if the indicator resumes the previous downward movement, we can expect THETA to fall appreciably.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.