THETA Technical Analysis: Extended Uptrend Fuels Breakout Rally

The THETA prices exceed the overhead resistance of $1.46, unleashing the trapped bullish momentum. Will this unloaded bullishness reach $2? Key technical points: THETA prices give a bullsih breakout of a consolidation range with the resistance at $1.46. The increased bullish influence over the 50 and 100-day SMA teases a bullish crossover. With a market cap of $1.62 Billion, the intraday trading volume of Theta Network has increased by 91% to reach $143 Million. Past Performance of THETA The THETA price action shows a long-consolidation range breakout which kept the price trend trapped for almost three months, similar to Basic Attention Token. The bull run shows lower price rejections above the 50-day SMA, resulting in the breakout of the overhead resistance. The unleashed trapped momentum undermines the higher price rejection candles formed previously near the 100-day SMA. Source- Tradingview THETA Technical Analysis The THETA price action 13.68% jump today, exceeding the overhead resistance and forming a bullish engulfing candlestick. However, the traders can expect the breakout rally to face opposition near the $1.72 before reaching the $2.17 mark. The distance between the 50-day SMA and 100-day SMA decreases teasing a bullish crossover and an increase in the underlying bullishness. The RSI slope shows a bullish turnaround from the 14-day SMA, avoiding a drop to the halfway line. Moreover, the MACD indicator shows the fast ...