THETA has significantly retraced, what direction will it take next?
Market Analysis
THETA's recent performance has been relatively sluggish, continuously retreating from its highs, and market sentiment is cautious. Currently, the price is in a key support area, with short-term fluctuations being quite active, indicating the possibility of a rebound or further decline.
Support and Resistance Levels
• Support levels: $2.16, $2.10, $2.05
• Resistance levels: $2.38, $2.45, $2.52
Short-term Trading Strategy
Long Strategy (suitable for low-position speculation):
• Entry point: $2.18
• Additional position point: $2.12
• Stop-loss point: $2.04
• Take-profit targets: $2.38, $2.45, $2.52
Short Strategy (trend-following opportunities):
• Entry point: $2.38
• Additional position point: $2.45
• Stop-loss point: $2.53
• Take-profit targets: $2.20, $2.15, $2.10
My Prediction
From the current trend, THETA is still in a downward channel; focusing on a short strategy in the short term is more prudent, with particular attention to shorting opportunities at $2.38.
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