THETA Technical Analysis: Breakout Rally Soon To Touch $1.75

THETA price action shows a falling channel breakout with a bullish reversal from the $1.175 mark, ready to approach the overhead resistance at $1.75. Key technical points: The THETA market value increased by 11.96% today at press time. The price action shows a high likelihood of a buying spree. The 24-hour trading volume of Theta Network is $83.16 Million, indicating a hike of 67%. Past Performance of THETA Since April, the THETA prices have been in a bearish spiral in the form of a falling expanding channel resulting in the downfall of 70% within two months. The decline took support on the crucial horizontal level at the $1.17 mark, resulting in a consolidation phase during May. However, the recent surge in buying pressure surpasses the resistance trendline and forms a bullish engulfing candlestick. Source- Tradingview THETA Technical Analysis THETA prices showcase an increase in the trading volume, suggesting a bullish trend continuation to the overhead resistance at $1.75. However, safe traders can wait for a retest or candle closing above the $1.35 mark, the previous swing high, to avoid a bearish turnover. The DMI indicator shows the DI lines on the verge of a bullish crossover, and the fall in ADX showcases a loss in bearish momentum. Likewise, the MACD and signal lines continue to approach the zero line in a bullish alignment. And, the resurging bullish intensity in the MACD histograms represents a recharge in underlyin...