Rising RSI Slope Encourages $1.52 Breakout

The widespread uncertainty in the crypto market has bounded the THETA price action within the $ 1.52 and $ 1 mark. Therefore, the interested need to be patient in this no-trading zone and wait for a decisive breakout before they position their funds. breakout from the overhead resistance of $ 1.5 could pump the altcoin to $ 2.55.

Key points

• The daily-RSI slope is about to enter the bullish territory
• The THETA price has gained 13% since last week
• The intraday trading volume in the THETA is $ 150 Million, indicating a 93% gain.

Source- Tradingview

The THETA price four-month consolidation ended on a bearish note as sellers terminated $ 2.58 support on April 30th. The post-retest fall aligned with negative broader sentiment triggered a significant sell-off and tumbled the altcoin by 57.55%

The extended downfall reached a new low of the $ 1.03 mark before switching to a lateral path. Further, the THETA price has been wobbling between $ 1.52 and $ 1.1 for nearly a month, resulting in a narrow range.

The price action randomly wavering within this range indicates indecision among the market participant and marks it as a no-trading zone. Therefore, a genuine breakout on either side of the range should give the first signal to an upcoming rally.

Thus, a bullish breakout from $ 1.52 resistance would drive the altcoin 70% higher to the $ 2.55 mark.

Prices, the possible fallout would extend the downfall to the $ 0.77 mark.

Technical Indicators

The THETA price attempts to breach the fast-moving 20-day EMA, offering additional support for a $ 1.5 breakout. However, the remaining 50, 100, and 200 EMAs indicate that a potential rally would face multiple barriers ahead.

The daily-RSI slope is constantly rising despite a sideways walk-in price action that reflects growth underlying bullishness. This divergence foretells the altcoin should eventually breach the $ 1.52 resistance

• Resistance levels- $ 1.52 and $ 2.1
• Support levels-$ 0.1 and $ 0.77