THETA 💣💣💣💥💥💥🚀🚀🚀😎😜😎
#Write2Earrn #BecomeCreator #MarketDownturn
💥💥💥💥💥💥💥🚀🚀🚀🚀🚀
The technical analysis of the THETA/USDT chart suggests.
1. Current trend:
The overall trend is bullish, confirmed by the moving averages pointing upwards (yellow line and purple line).
The price is in an ascending channel, reaching a recent high of 2.204 USDT.
2. Indicators:
RSI (Relative Strength Index): It is at 82.12, which indicates it is in overbought territory, suggesting there might be a price pullback soon.
MACD: Positive crossover between the MACD line (yellow) and the signal line (purple), confirming the current bullish strength. However, the distance between both lines is decreasing, indicating a possible exhaustion of momentum.
3. Bollinger Bands:
The price is near the upper edge of the bands, which also suggests overbought conditions and the possibility of a pullback.
4. Support and resistance:
Key resistance: The level of 2.204 USDT, the maximum of the last 24 hours.
Immediate support: Near 1.956 USDT, the recent low.
Recommendations:
1. Short term:
If you have a position, consider taking partial profits at this level, especially if the price fails to exceed 2.204 USDT with strong volume.
If you are looking to enter, wait for a pullback towards support levels, such as 2.0 USDT or 1.95 USDT.
2. Medium term:
Monitor the behavior of the RSI and the MACD. A drop below the 70 level of the RSI or a negative crossover in the MACD could confirm a stronger pullback.
A breakout with volume above 2.204 USDT could take the price to the next target level at 2.5 USDT.
3. Precautions:
Given the overbought conditions, avoid large entries at this point. It is better to wait for confirmation of the breakout or pullbacks.
