February has seen the Theta price in a positive bullish trend. The past week also saw the THETA token rise 22.7%. Is the bear season over?
Theta is a decentralized video streaming network that allows users to view content and earn rewards. It runs purely on PoS consensus.
THETA Market Price Analysis
At the time of writing, the price of Theta Network (THETA) is changing hands, trading at $1.24 with a 24-hour trading volume of $54,721,435. This represents a 2.80% price increase in the last 24 hours and a 22.70% increase in the past 7 days.
In the past 30 days, the market price of Theta has risen by 19%, with the medium-term trend indicating a bullish move. The long-term structure indicates a negative activity of 60.61%.
The market price of Theta Network reached its all-time high of $15.72 in April 2021. However, this price has since been bearish, bringing the coin’s price down to $0.7 by the end of Q1 2023. With a circulating supply of 1 billion THETA, Theta Network is valued at a market cap of $1,280,868,680.
THETA Indicator Price Analysis
THETA’s most crucial key support levels are $1.23, $1.20, and $1.17, while the resistance levels are $1.42 and $1.45, respectively. Currently, about 23 indicators signal a bullish move for the THETA token. This represents a 79% favor for a positive trend resulting in overall bullish sentiment.
The relative strength index (RSI 14), widely used to help investors know whether an asset is overbought or sold, currently trades above the 50-level mark at 62.23, indicating a buy signal. However, after a retest at the 50-level mark, the price of Theta might bounce back, surpassing the current resistance levels.
Besides, the THETA token is trading slightly below the 50-day moving average but above the 200-day moving average. While trading, when the price of the asset is above the 200-day moving average, the market is considered bullish.
THETA/USDT Technical Price Analysis
The price of THTA bottomed out at $0.7 after a bearish move that lasted almost half of 2022. The beginning of 2023 found the price of THETA breaking upwards, creating a higher high at $1.23 and a higher low at $1.10. However, the market price of the THETA token seems to have hit a resistance level, forcing the price to retrace. The resistance level has also created a double-top pattern, which indicates that prices might be forced to retrace.
A break above the resistance level indicates a bullish move to the upside. Therefore, our prediction for the THETA token will be $1.5. Should the retracement level occur, we expect THETA’s market price to reach the support level of $1.
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