Theta Token (THETA) Analysis
Updated
Theta Token (THETA) has been recovering after a substantial decline, where the price fell from the $3.820 level down to a low of $0.886. THETA is trading for approximately 168 days under the trendline. Currently in a bearish trend.
Recently THETA has been rejected from the trendline and resistance level at 1.417.If THETA can break above this trendline and the $1.417 resistance, it could target higher resistance zones, including the purple zone at$1.645 - $1.720 and $1.915, followed by the major resistance in pink at $2.480- $2.559. Breaking through these levels would indicate a potential bullish reversal, with the price aiming for the upper blue resistance zone at $3.133 - $3.276.
However, if THETA fails to break above the current resistance, a downside movement toward the lower support zones is possible. The first support to watch is the green zone at $1.203 - $1.256, followed by a more substantial support level at $1.034 - $1.059 in the red zone. Failure to hold these support levels could lead to a further decline towards the next resistance zone in yellow at $0.886 - $0.933.
THETA is at a crucial juncture, with the potential for further downside if it fails to break key resistance levels. Traders should monitor for a break above $1.417 and the trendline for a potential bullish continuation or a rejection that could lead to a retest of the lower support levels.
Everything is on the chart
Comment
THETA breaks the support zone, Green and moving towards the next Support zone PinkTrade active
THETA breaks the support zone, Green and moving towards the next Support zone Pink
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