THETA Technical Analysis: Bullish Setup for Today

    Video streaming network Theta (THETA) is based on blockchain technology. Founded in March this year, the Theta mainnet allows users to share bandwidth and computing resources peer-to-peer (P2P). The project is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.

    Theta uses its own native cryptocurrency token, THETA, for various governance purposes within the network, and counts Google, Binance, Blockchain Ventures, Gumi, Sony Europe, and Samsung as Enterprise validators, along with a Guardian network of thousands of community-run nodes. Let us look at the technical analysis of THETA.

    Past Performance

    The current price is $7.09, which is down by 0.46% in the last 24 hours. Also, the price has depreciated roughly by 2.49% in the last seven days. THETA traded between $6.90-$7.23 in the last 24 hours.

    THETA Technical Analysis

    THETA is currently trading in a rectangular range. The highest level of the range is at $8.21. And, the lowest level is at $6.75. A breakout from either of these levels will decide the future trend of the token. Till then, traders can scalp and earn. Let us look at what the indicators are indicating:

    Currently, the RSI is at 53.81%. The RSI is making a V on the chart, suggesting the RSI is moving up and the buying pressures are approaching the market. The RSI took support at 51.95%. At this point the market is crucial as the buying pressures will set the trend of the market, if the buying pressure prevails we might expect a bullish trend to set for today.

    There is a bearish crossover on the chart suggesting the selling pressures are high on this horizon, although the MACD and EMA lines are above the zero range. We can see the MACD is gaining momentum if the buying pressure overtakes the market, and we might expect a bullish crossover soon. The traders are suggested to wait and watch the market.

    Day-Ahead and Tomorrow

    On the daily chart, there is no significant movement in the OBV. The THETA price has successfully broken its recent high at $7.11 and is moving upwards on the chart. Thus, we might expect the price to test the FIB retracement level of $7.37. If the buying pressure increases, we might expect the price to resist the retracement at this level.



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