- 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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.