Daily Altcoin Analysis: Theta

Theta is among the rare altcoins that survived as the market fell this week. In our December 9 Altcoin analysis, we evaluated the latest situation of Theta/Usdt

Theta is among the rare altcoins that survived as the market fell this week. In our December 9 Altcoin analysis, we evaluated the latest situation of Theta/Usdt.

Theta tested the peak level of $ 0.79, which it saw again today on September 30th. However, the altcoin, which regressed a little with the effect of the sharp fall in the market, still draws attention by remaining in the positive zone.

Daily Theta/Usdt Chart

theta/usdt
theta/usdt daily chart

The upgrade, which Theta will transfer its smart contracts to the mainnet, will be welcomed in the market of altcoin, which we see that it has a movement from the bottom levels since the beginning of December. In addition, Binance announced today that it will support the Theta upgrade and stopped Theta deposits and withdrawals until the upgrade took place. However, Altcoin trading will not be affected by this.

Going back to the Theta/USDT general situation; It is noteworthy that the crypto money has entered a wide band movement in the last 2 months. The altcoin, which gradually declined after its 0.7990 peak, consolidated at an average of $ 0.65 after testing the bottom at $ 0.56.


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Theta would be $ 1?

It is noteworthy that $ 0.7 is working as an important level in the band movement in the range of $ 0.79 – 0.55. Theta, which has been stuck on the $ 0.7 resistance for the last 1 month, seems to have broken this resistance price with its rise yesterday. Today, the continuation of the positive price movements is an important opportunity in terms of strengthening its position in the positive region.

Accordingly, $ 0.7, which also corresponds to the 8-day exponential moving average level, can be followed as an important support level on the uptrend for today and the coming days. It should not be ignored that 3-hour candlestick closes that may come below this value may trigger a decline. Support prices that are likely to be followed in a possible downtrend can be 0.6230 – 0.5590 – 0.5140.

If the Theta trading volume continues towards the buyer, the first target will be to break the last peak level of 0.7990. In the event that a day closes above this price, Theta / USDT is likely to start a rally towards the $ 1 level. In this way, possible resistance prices; We can see it as 0.8830 and 0.93 dollars.

The ideal sequence of the important moving averages we follow in the daily view can be interpreted as an additional indicator for the rise. Also, in the daily outlook, the Stochastic RSI level has not broken its upward outlook yet. When we examine this indicator on the 3-hour chart with a shorter term, it is seen that it is floating just below the overbought zone as a result of volatile movements.

To sum up, the key resistance price of $ 0.79 stands as the most important point to determine Theta’s trend direction.

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Disclaimer: The information in the content is not an investment advice. Author and coinalways.com are not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Coin Analistahttps://coinalways.com
Building his career on finance and banking, the veteran analyst decided to devote his experience to cryptocurrencies and forex. Co-founder @ Coin Always.

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