Altcoins

THETA has traded within a range in the past month, watch out for these levels

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.

alt HD: Trading inside a month-long vary, the place can THETA be anticipated to go subsequent on the charts?

USDT Dominance and Bitcoin Dominance have been rising over the previous two weeks, which meant two issues. Firstly, crypto traders are fleeing to the stablecoin USDT. Secondly, the altcoin market has been shedding worth sooner than Bitcoin has. The bear pattern has affected THETA as properly, as Theta Network’s token has steadily slid down the charts up to now two months.

THETA- 1 Day Chart

THETA has traded within a range in the past month, watch out for these levels

Source: THETA/USDT on TradingView

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The pattern has been firmly bearish since early April. In truth, the worth has been trending decrease since early September. In the mid-March rally, a six-month-long trendline resistance (white) was damaged, and the worth returned to the February highs at $4.38. However, it was unable to interrupt above this stage and shift the longer-term pattern to bullish.

Throughout April and a part of May, there was violent promoting stress behind THETA which noticed the token shed 77% within the span of 40 days.

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Since 12 May, the worth has stayed throughout the $1.2-$1.48 ranges, with a solitary foray to $1.068. Hence, within the coming days, these are the degrees to look at. A transfer previous these ranges would doubtless make clear the route of the subsequent transfer for THETA.

Rationale

THETA has traded within a range in the past month, watch out for these levels

Source: THETA/USDT on TradingView

The RSI reached the impartial 50 mark, however has confronted resistance there up to now couple of days, in addition to again in April. If the RSI manages to flip the 50 stage to help, it may signify a transfer towards the $1.6 resistance stage.

The CMF has been beneath -0.05 for a lot of the previous two months, however on the time of writing, had managed to poke its head again above +0.05. This confirmed that promoting stress had been dominant till the previous two weeks.

The OBV had additionally managed to climb previous a stage that has been vital since mid-January, and this might be an indication of bullish intent.

Conclusion

The technical indicators confirmed {that a} transfer upward might be doable for THETA. However, its market construction stays bearish, and shopping for alternatives exist just for shorter-term merchants and never long-term traders on the time of writing.

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