Theta Pulls Back by 45% After Hitting ATH at $0.589

Theta token is one of the top 50 cryptos of the global market and holds enough caliber to fetch massive returns. Theta, at the press time, was seen trading at $0.319 on Binance against the US Dollar. It was just two months back when the token had hit an All-time High around the trading price of $0.589 and gradually pulled back to currently trading above $0.30.

After having traded around $0.120 for the longest time now, THETA’s recent high has lured a gush of investors and networkers, undoubtedly. Theta, along with other altcoins of the market, is trading in green due to intraday positive in the entire market.

Theta Price Analysis

THETA Price News
THETA/USD Chart By TradingView

Theta, on the above 4-hourly chart, is seen regaining the lost momentum after hitting an ATH at $0.589 retested supports as low as $0.193 in the previous month. The price trend of THETA/USD is seen breaching the 20-day upper Bollinger Band as they are seen gradually widening.

The token is holding complete support from 50-day and 200-day daily MA at $0.246 and $0.168 respectively on the given 24-hourly chart. As the bands widen with a bullish bias, Theta appears gaining traction in the intraday with the beginning of the new trading month. However, volatility remains the major catalyst for all the cryptos, including the massive cryptocurrency by market cap—Bitcoin.

The other two technicals laid confirm the positive sentiment in the intraday as the MACD line crosses above the signal line, and the RSI is inclined towards the overbought region at 63.27. the major support and resistance to watch out for lies at $0.310 and $0.350, respectively.

Daniel Garza

Daniel Garza is well-known for his writing skills and works as a lead content writer in our team. He also has a deep interest in cryptocurrency funds and guides people on how to deal with a cryptocurrency exchange.

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