Rising RSI Slope Encourages $1.52 Breakout

Published 2 hours ago

The widespread uncertainty in the crypto market has bounded the THETA price action within the $1.52 and $1 mark. Therefore, the interested need to be patient in this no-trading zone and wait for a decisive breakout before they position their funds. Furthermore, a potential breakout from the overhead resistance of $1.5 could pump the altcoin to $2.55.

Key points

  • The daily-RSI slope is about to enter the bullish territory
  • The THETA price has gained 13% since last week
  • The intraday trading volume in the THETA is $150 Million, indicating a 93% gain.

THETA/USDT ChartSource-Tradingview

The THETA price four-month consolidation ended on a bearish note as sellers branched $2.58 support on April 30th. The post-retest fall aligned with negative broader sentiment triggered a significant sell-off and tumbled the altcoin by 57.55%

The extended downfall reached a new low of the $1.03 mark before switching to a lateral path. Furthermore, the THETA price has been wobbling between $1.52 and $1.1 for nearly a month, resulting in a narrow range.

The price action randomly wavering within this range indicates indecision among the market participant and marks it as a no-trading zone. Therefore, a genuine breakout on either side of the range should give the first signal to an upcoming rally.

Thus, a bullish breakout from $1.52 resistance would drive the altcoin 70% higher to the $2.55 mark.

Conversely, the possible fallout would extend the downfall to the $0.77 mark.

Technical Indicators

The THETA price attempts to breach the fast-moving 20-day EMA, offering additional support for a $1.5 breakout. However, the remaining 50, 100, and 200 EMAs indicate that a potential rally would face multiple barriers ahead.

The daily-RSI slope is constantly rising despite a sideways walk-in price action that reflects growth underlying bullishness. This divergence foretells the altcoin should eventually breach the $1.52 resistance

  • Resistance levels- $1.52 and $2.1
  • Support levels- $0.1 and $0.77

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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