Hey friends, hope you are well and welcome to update on Theta coin.
Breaking out the channel:
The price action of Theta has broken out the long-term bullish channel, now it can form another channel or any other pattern above the previous channel and the priceline may use the resistance of the previous channel as support.
The EMAs:
On the long-term weekly chart, the priceline of Theta is moving above the exponential moving averages 10 and 21 and using these EMAs as support before the next rally very well. Now it is possible that the price action may use the resistance of the previous channel as support and while exponential moving averages will move up to provide the support.
Simple moving averages:
On the daily chart, the price action of the Theta coin has crossed all simple moving averages with the time period of 25, 50, 100, and 200 and using 25 SMA very well before the next short-term rally. Now it is again at the support of 25 simple moving average and can be a good buying opportunity in short term. Moreover, the price action has also found resistance at $1.70.
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Ichimoku cloud:
On the weekly chart, the Ichimoku cloud is strong bullish.
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Conclusion:
In the long-term, all indicators and patterns are getting more bullish and the price action is likely to form another channel above the previous channel. Now the average ROI per month will be more increased than the previous year, therefore the price action can reach $50 or more by the end of 2021.
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