Theta Network

<p>Like many other tokens, THETA found its local bottom between $1.20 and $1.25 and bounced nicely from it.</p><p>However, despite the recent positive performance, I don&#39;t consider THETA an asset to trade yet. Here are three things that have to happen before an entry makes sense.</p><h3 id="continuing-downtrend">Continuing Downtrend</h3><p>THETA is still trapped in its downtrend that started in March 2024. All attempts to break out have been unsuccessful so far. Just yesterday, THETA made a fresh attempt that was rejected immediately. As long as THETA trades below this trendline, I don&#39;t consider a long entry.</p><h3 id="ema200-as-additional-resistance">EMA200 As Additional Resistance</h3><p>At the same time, THETA trades below the EMA200. If you follow my content, you already know I consider this indicator crucial. It can be overruled by bullish momentum, but I don&#39;t see this in terms of THETA yet.</p><h3 id="resistance-zone-at-1-80-1-85">Resistance Zone At $1.80 - $1.85</h3><p>Once THETA breaks out of the downtrend and jumps above the EMA200, it faces a significant resistance zone immediately before it gets some room to breathe.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0fd23fea84cd48f49b72a1483f500481.png" /><p></p><h3 id="technical-indicators">Technical Indicators</h3><p>THETA shows a mixed bag of technical indicators. However, since many momentum indicators show oversold signals due to the recent price increase, one can doubt that the abovementioned resistance will be immediately smashed.</p><h3 id="trade-signals">Trade Signals</h3><p>On higher timeframes, THETA has no valid trade signals (neither bullish nor bearish). On lower timeframes (4H, 1H), THETA printed some bearish signals. However, I wouldn&#39;t overestimate these signals.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9f41196105c5481aabb5b3e217cea1ca.png" /><p></p><h3 id="x1f4a1-what-if">&#x1f4a1;What-If!</h3><p>Given that THETA manages to 1) break out of the downtrend, 2) jumps above the EMA200, and 3) smashes the resistance (optimally second by some bullish trade signals) I will consider a long trade.</p><p>Since the next more significant resistance sits at $2.50, the trade&#39;s first profit target would have a potential of 30%.</p><h3 id="the-challenge">The Challenge</h3><p>As promising and intriguing as the above What-If scenario sounds, I see one major hurdle: volume. THETA&#39;s trade volume has been constantly decreasing since the spike in March. Even during times when the market saw considerable pumps, THETA&#39;s volume remained at a low level. In order to tackle the above resistances, THETA requires a volume push more than anything else.</p>

THETA — Volume Needed To Tackle Upcoming Resistances (And Propel Us To A 30% Trade Potential)!

Daftar Isi

Ben Walther

Artikel lain yang dipublikasikan pada 22 Jul 2024

Dogwifhat Price Prediction: WIF Pumps 56% In A Week, But Can It Outperform This ICO With Its Own ...

Toncoin Surges with 5360% YoY Increase in Daily Active Addresses

Expected Altcoin Listed: Here is the First Performance

Toncoin Daily Active Addresses Surge 5360% YoY

Rockets and Ripples: MoonBag vs. IoTeX in the Crypto Tide

Top Analyst Predicts Ethereum’s Explosive Growth to $4,000 Amid ETF Buzz – Altcoin Season Imminent?

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!