Breakout Imminent As Symmetrical Triangle Nears Completion
The THETA price action continues to trade in a tight range, as the evolving symmetrical triangle on the daily chart inches towards resolution.
At the moment, THETA price predictions as to the breakout direction are unclear. The recent integration by Meter_IO Passport, a cross-chain bridge, now allows for the moving of tokens between Theta and other blockchains. However, this integration has done little to impact sentiment on the token.
The THETA price action saw a peak of 15.88 on 16 April, but has since retraced and has largely remained range-bound in the last three months of trading. As of writing, the THETA/USDT pair is up 1.16% on very low trading volumes.
THETA Price Prediction
The daily chart shows a symmetrical triangle, with the price nearly at the apex of the pattern. The slight uptick of Wednesday puts the price on course to test the 6.999 resistance. If the price breaks this barrier, it also takes out the triangle’s upper border and opens the door for a breakout move which targets completion at 13.306. This move would need to take out 9.545, 10.42 and 11.20 along the way.
On the flip side, a decline below the triangle targets 5.642 initially, before the 29 September low at 4.720 comes into the picture. If the decline continues, the 6 March/19 May lows at 3.906 become the new pivot for the THETA/USDT pair.
THETA/USDT: Daily Chart
Follow Eno on Twitter.
See also
