.THETA Price Analysis – Kriptom – THETA has been in a strong uptrend for the past few days. The token rose to an all-time high of $ 8.97 on March 19. However, it witnessed higher levels of profit take as seen by the long wick on the day’s candlestick.
However, the shallow correction on March 20 showed that traders were buying the bottoms and not rushing to the exit. During strong uptrends, retracements are usually short term.
The bulls raised the price to an all-time high again today, indicating that the uptrend has started again. The THETA / USD rate could rise to $ 10.35 and then to $ 12.35. The upward moving averages and the RSI in the overbought zone show the bulls are in command.
This bullish outlook will become invalid if the bears sell higher and push the price below $ 7.99. If this happens, it will indicate that the current break is a bull trap.
The 4-hour chart shows the price dropped from the breakout level to $ 7.99 and the bulls are not allowing the pair to drop below the 20-EMA. The bears tried to stop the uptrend on the bearish trend line but failed.
The strong buy of the bulls pushed the price above the downtrend line and the $ 9 overall resistance. This suggests that the next leg of the uptrend may have started.
Contrary to this assumption, if the price drops and drops below the 20-EMA, it will signal that the momentum is weakening. A break below the 50-SMA will indicate that the bears are trying to make a comeback.
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