• Theta price emerged from an ascending triangle on March 17.
  • Measured move target projects another 13% in gains.
  • Intra-day weakness seems to be temporary.

Theta price has stalled in the past six hours, but the weakness does not diminish the bullish outlook. The measured move target at $9.80 and the important $10 level remain within the advance’s grasp.

Theta price aims higher

Monroe Trout, a successful hedge manager, liked to trade the ‘magnet effect’ - markets’ tendency to get to round numbers. It proved to be a highly profitable strategy for Trout, and it has proven valuable on many different financial markets, whether it be equity indexes, individual stocks, or currencies.

During the five-day symmetrical triangle formation, only two of the 18 down candlesticks were on above-average volume on the 4-hour chart. Such market behavior demonstrated that the notable rally in Theta during 2021 is far from being a pump-and-dump story.

Today’s intraday weakness is simply a technical reaction to the slight overbought condition on the Relative Strength Index (RSI). After releasing some of the pressure, Theta will likely advance to the measured move target of $9.80, representing a gain of 13% from the current price level.

Investors must be prepared for the magnet effect to come into play, which will lift THETA to $10. The more patient traders may be rewarded with a test of the 2.618 Fibonacci extension level at $11.

LINK/USD 4-hour chart

LINK/USD 4-hour chart

If the intraday weakness accelerates, the first support is the symmetrical triangle high at $8. The next important level is the 50 four-hour simple moving average (SMA) at $7.30. It provided support on March 17, right before the breakout. 

A more dramatic decline will take Theta price down to the low of the symmetrical triangle at $6.20.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP