Charted: THETA Rallies To Enter Top 10, Why It Could Test $20

THETA started a strong increase from the $6.50 support zone against the TetherUS. The price is now up over 25% and it is likely to continue higher above $15.00.

  • THETA started a strong rally above the $8.00 and $10.00 resistance levels against the TetherUS.
  • The price is trading nicely above $12.00 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $10.00 on the 4-hours chart of the THETA/USD pair (data source from Kraken).
  • The pair is likely to continue higher if it clears the $15.00 and $15.50 resistance levels in the near term.

THETA Enters Top 10

After forming a support base above the $6.00 and $6.50 levels, THETA price started a sharp increase. It broke a couple of important hurdles near $10.00 to move into a solid uptrend, outperforming bitcoin and ethereum.

The price even cleared the $12.00 resistance and settled above the 100 simple moving average (4-hours). A new all-time high is formed near $14.57 and it has entered the top 10 cryptos by market cap. THETA is currently consolidating gains above the $13.50 support.

The 23.6% Fib retracement level of the upward move from the $9.74 low to $14.57 high is also near $13.50 to provide support. The next major support is near the $12.20 level.

THETA Price

Source: THETAUSDT on TradingView.com

The bulls are likely to protect the 50% Fib retracement level of the upward move from the $9.74 low to $14.57 high near $12.16 level. Moreover, there is a key bullish trend line forming with support near $10.00 on the 4-hours chart of the THETA /USD pair.

On the upside, the price is facing hurdles near $14.50 and $15.00. A close above the $15.00 level could open the doors for another increase and the price might surge towards the $18.50 and $20.00 levels.

Dips Supported?

If THETA price fails to climb above $15.00 or $15.50, it could correct lower. The first major support is near the $12.20 and $12.00 levels.

The main support is now forming near the $10.00 zone and the trend line. A downside break below the $10.00 support might open the doors for a push towards the $7.50 support.

Technical Indicators

4-Hours MACD – The MACD for THETA/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for THETA/USD is well above the 60 level.

Major Support Levels – $12.20, $12.00 and $10.00.

Major Resistance Levels – $14.50, $15.00 and $20.00.

Publication date: 
03/24/2021 - 07:18
Author: 
Disclaimer

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