Lorenzo Stroe
Independent Analyst
- Theta price jumped 90% since December 22 and has been really volatile for the past four days.
- There is one critical indicator that suggests the digital asset is poised for a significant correction.
Theta was trading at $0.92 on December 22 before a massive rally towards $1.74 in just one week, climbing by almost 90%. Theta has been under consolidation ever since and is potentially forming a bull flag on the daily chart.
Theta price at risk of falling to $1 if this signal is confirmed
On the daily chart, the TD Sequential indicator has presented a green ‘8’ candle which is usually followed by a strong sell signal. The most significant support level could be the 26-EMA located at $1, which is the bearish price target.
THETA/USD daily chart
On the 4-hour chart, Theta has formed a symmetrical triangle pattern which seems to be favoring the bears currently. A breakdown below the lower support trendline at $1.38 can quickly drive Theta price down to $1, which also coincides with the 100-SMA and the 26-EMA on the daily chart, giving more credence to this price target.
THETA/USD 4-hour chart
On the other hand, if the bulls can step up and defend the $1.38 support point, Theta can quickly jump towards $1.5. A breakout above this point would drive the digital asset’s price towards a high of $1.9.
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
Editors’ Picks
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.
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.
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.
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: 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.
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.