Theta’s price has been on an upward trend, establishing increasingly higher lows since the formation of a solid support level at approximately ZAR 10.96 (equivalent to $0.62) in mid-June, 2023. The bullish momentum appears to be propelling the cryptocurrency in the direction of potentially surpassing the ZAR 14.02 ($1) level. The annual high, recorded at ZAR 18.27 ($1.302), has notably exerted a strong bearish influence on the price.
At present, the THETA price has entered a consolidation zone, fluctuating between ZAR 13.33 ($0.755) and ZAR 14.68 ($0.83). The most recent trading session saw the price facing resistance at ZAR 14.68 ($0.83) before concluding with a pronounced bearish trend. The current session, however, is indicating a bullish movement, heading towards the ZAR 14.68 ($0.83) mark. Should a trading session conclude above this level, it could be an indicator that the THETA price may trend towards the next resistance level of ZAR 15.57 ($0.88), possibly filling the gap left by the upper wick of the 25 June candle.
On the flip side, if bearish forces manage to break the upward trend and push the price below ZAR 13.33 ($0.755), we might see a downward trajectory towards the ZAR 12.37 ($0.700) mark, triggering a downturn of roughly 7.26%. Before THETA can reach the anticipated ZAR 14.02 ($1) level, it needs to overcome numerous challenges.
Will THETA Reach ZAR 14.02 ($1) in July 2023? The THETA price has successfully crossed the 20 and 50-day EMA, indicating a rising bullish momentum. A Chaikin money flow score of 0.04 implies the price movement maintains strength. However, a sharp drop from 0.17 to 0.04 since 19 July indicates an influx of bearish forces aiming to curb the bullish momentum.
The relative strength index is trading at 56.52, suggesting that the price carries bullish momentum. Currently, the RSI shows an upward slope. The 20-day SMA of Bollinger has been acting as a support for the price.
Presently, the cryptocurrency’s price is heading towards the upper band, which sits close to the ZAR 14.68 ($0.83) resistance level. In the last 24 hours, Theta’s long/short ratio stands at 1.02, with 50.67% of long positions and 49.33% short, indicating a slightly stronger pressure from buyers.
In conclusion, the market structure and price action of Theta are bullish as the price is currently in an upward trend, forming higher lows, after the formation of support at the ZAR 10.96 ($0.62) level. Technical parameters are also favoring buyers.
Risk traders are advised to await the price breaching and closing above ZAR 14.68 ($0.83) before considering any bids, particularly as market leaders Bitcoin and Ethereum have shown a bearish turn after their respective consolidation phases, and other altcoins may follow suit.
Theta Network’s market capitalization has risen marginally by 0.01% to approximately ZAR 14.39 billion ($813,904,785). The 24-hour trading volume has increased by 1.66%. The price has declined 94.88% from the all-time high of ZAR 281.19 ($15.90).
