Friday, June 9, 2023

Theta Holds July Dips


THETA has been dwindling since Sept 7th. The drop has been contained inside a descending resemblant channel, which is considered a corrective pattern.

This means that an eventual breakout from it would be likely.

On Dec 4th, the token bounced at the support line of the channel, validating it for the first time since Sept. More importantly, THETA managed to hold on above the July lows. This is important since it means that it is still possible that the token began a bullish impulse on July 19th, and the current drop is only a correction.

Still, specialized pointers in the diurnal time- frame are bearish. The MACD, which is created by a short-and a long- term moving normal, is negative and dwindling. This means that the short- term Mama is slower than the long- term one, and frequently occurs in bearish trends.

Cryptocurrency dealer @AltcoinSherpa outlined a THETA map, which shows the token trading inside a channel. Since the tweet, it has fallen to the support line of the channel and bounced. Also, the RSI, which is an instigation index, is below 50 percent. This is also a sign of a bearish trend. Thus, while the possibility that THETA is bullish remains, there are no bullish reversal signs in place.

Temporary Movement

THETA has formerly created an advanced low after the brio. Likewise, the MACD and RSI are both showing bullish signs. Both are adding, and the RSI has formerly moved over 50 percent, indeed if the MACD is not yet positive.

Still, there’s strong resistance at $6.10, created by a vertical area and the $0.618 Falsehood retracement resistance position. It also coincides with the middle of the long- term channel. Until THETA does manage to reclaim this area, the trend cannot be considered bullish.

Over the last five days, Theta Fuel has earned a veritably Bullish standing on the Investors Observer Sentiment Score. Mood Score measures the performance of Theta Energy over the last five days by volume and price The Sentiment Score provides a quick, short- term look at the crypto’s recent performance.

This can be useful for both short- term investors looking to ride a rally and longer- term investors trying to buy the dip.

Theta fuel prices are currently above resistance. Theta fuel (TFUEL) will be potentially in a volatile position if the rally burns out. The up-and-coming coin has traded a low volume recently. Which means that today’s volume is below its average volume.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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