1. Trend overview
• Main trend: The price sharply declined from the high of 15.88 USDT, then formed a long accumulation phase and is currently trying to recover with the current price of 2.373 USDT, up +9.66% in the session.
• Current situation: The price has slightly exceeded the previous accumulation area and is trying to maintain the upward momentum.
2. Support and resistance
• Key support:
• 2.2 - 2.3 USDT: This is the nearest support area, if the price holds this area, the upward trend may continue.
• 2.0 USDT: Is stronger support if the price drops significantly.
• Key resistance:
• 2.5 USDT: Is the nearest resistance that the price needs to break to maintain the upward momentum.
• 3.0 USDT: Higher resistance, need to monitor if the price continues to recover.
3. Price Action
• Recent candles:
• A bullish candle with a large body appears, indicating that buying pressure is dominant.
• The price is currently fluctuating around the MA10 (purple line), indicating a balance between buyers and sellers.
• Trading volume:
• Volume increased in recent bullish sessions, indicating that buying pressure is being reinforced.
4. Supporting technical indicators
• MA (Moving Averages):
• MA5 (golden line): The price is above the MA5 line, indicating a positive short-term trend.
• MA10 (purple line): The price is close to MA10, indicating a mid-term fluctuation area.
• MACD:
• Positive MACD Histogram and slight increase, indicating a bullish trend is forming.
• DIF (0.118) is above DEA (-0.026), confirming that buying pressure is dominant.
• RSI:
• RSI(6): 58.38, RSI(12): 55.18, RSI(24): 52.74 => RSI is above 50, indicating that buying pressure is slightly higher.
• OBV:
• OBV is increasing, indicating that money is flowing into the market.
5. Scenarios according to Price Action
Scenario 1: Price continues to rise
• If the price breaks the resistance area of 2.5 USDT with a strong bullish candle and large volume, the upward trend may continue.
• Target: The 3.0 USDT area.
Scenario 2: Price drop breaks support
• If the price drops below the 2.2 USDT area, the downward trend may resume.
• Target: The 2.0 USDT area or lower.
Scenario 3: Accumulation
• The price may continue to fluctuate within the range of 2.2 - 2.5 USDT, creating an accumulation area before determining the next trend.
6. Trading strategy
• Buy (Long):
• When the price exceeds the 2.5 USDT area with a strong bullish candle signal and high trading volume.
• Sell (Short):
• When the price breaks the support area of 2.2 USDT with large volume.
• Wait: If the price fluctuates within a narrow range, wait for a clear breakout signal before entering a trade.
Conclusion:
Currently, THETA/USDT is in a recovery phase with a positive short-term trend. However, attention should be paid to the resistance area of 2.5 USDT to confirm a stronger upward trend. Monitor further price action and trading volume to make appropriate decisions.
