THETA price analysis Dec.20: The price is breaking out above key resistance, expected more gains
Theta Token (THETA) is a network specializing in distributing videos built on Blockchain technology. It allows suppliers and users to use it to perform video-related services with the best quality; the most extensive spread comes with the best cost thanks to the platform’s algorithms.
The THETA price has increased by 42% in the past six days, starting on December 14. A daily close above 1400 satoshis (sts) will likely indicate that we are heading towards the next resistance level at 1800 sts. Trader Ol ‘Saint Loma thought that the Theta price is moving out of its trading range.
THETA price has risen above the first resistance level and is currently targeting the second target. The price is currently trading at 1507 sts. While this increase is unlikely to be sustainable over the long term, the price has yet to show weakness.
Trader Catus stated that THETA price could rise to 1600 sts before hitting resistance and reversing a decline.
$THETA could see one last push upwards to high 1500’s before seeing signs of major resistance, 1600 has strong confluence with 24 MA so still my initial target.
Closing as soon as we see some signs of a trend reversal or lack of momentum at high 1500’s, resistance incoming. pic.twitter.com/M7JDLlDPcb
— Cactus (@TheCryptoCactus) December 18, 2019
THETA / BTC analysis
In June 2019, the Theta price reached a low of nearly 900 sts. This is the lowest of all time – slightly lower than the prices in February and August 2018.
After a period of four months of consolidation combined with the bullish divergence in the RSI, the Theta price has begun to move upward.
After making an upward trade, the weekly MACD is in the process of rising above the zero line. The last time this happened in January 2019, an upward move of 260% intensity occurred over the next two months.
The rally stalled a bit at the 1400 sts area before rising up. Currently, the price of THETA is attempting to reach a weekly close above this resistance area. The next resistance level is found at 1800 satoshi.
During the consolidation period, the weekly RSI creates a robust bullish divergence. After that, a bullish cross in the MACD occurred, indicating a bullish move has begun. MACD is currently hovering just above 0.
Source: Trading View
Since reaching a low in July, Theta price has been trading in the range of 900 to 1400 sts. 1400 sts level is resistance as it acted as a support in May and a later resistance in August.
An interesting development is that the Theta price has moved above the 100 and 200-day moving averages (MA). The 200-day MA is significant for it since the price was rejected three times in November and December. The MA is likely to make a bullish move in the coming weeks.
The next resistance is found at 1800 sts level. If the Theta price breaks above the current resistance as a support, it will likely create a trading range between 1400 and 1800 sts.
THETA / USD analysis
Theta has recently increased and achieved impressive trading gains, counteracting a sell-off in the cryptocurrency market. Technical analysis shows that further price increases are likely to occur for THETA / USD.
THETA / USD has increased more than 20% in value since the beginning of the week, and trading is about 50% higher since the beginning of December.
Techniques are currently improving and showing significant potential for appreciation in both the short and medium-term; it is likely that the THETA / USD pair is returning to the best levels of 2019.
Source: Trading View
The 4 hours time frame shows that a reverse head and shoulders have begun to form with strong growth potential. The size of the model shows the potential to reach $ 0.15.
Traders should note that a bullish reversal pattern is currently taking place. The price is trading above the neckline support, above the $ 0.10 level.
The daily time frame shows a wedge pattern breakout has occurred; the price broke above a falling wedge pattern since March.
On the scale of the wedge breakout, the cryptocurrency could rise to $ 0.20 if the full growth potential of the model breakout is reached.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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