Theta is coiling near its long-held support zone, and all eyes are on the $0.95 level. If bulls break through, the stage could be set for a strong upward push targeting key resistance levels from past market cycles.
Since early 2021, Theta has trended within a large descending triangle. Theta’s peak near $15 marked the start of a steady downtrend, carving out a pattern of lower highs over time. The $0.60 to $0.78 range has acted as a major support zone, absorbing repeated waves of selling without breaking down.
The structure shows sellers dominating highs, while buyers defend the base. Each rejection from the descending trendline compresses price action further into the triangle apex. The price is currently near $0.78, a key threshold that's been pivotal for over a year.
According to JohncyCrypto on X, a breakout above $0.95 could spark strong bullish momentum. He points to potential upside targets at $1.55, $2.30, $3.35, $5.00, and even $8.00—levels drawn from past resistance zones and key Fibonacci levels.
The 50-week moving average still sits above the current price, serving as a strong resistance level. Theta briefly climbed above it in mid-2023, but the move didn’t hold. Recent candles continue to close below it, showing that sellers remain in control.
Volume data shows surges during sharp declines and breakout attempts but stays muted during sideways movement. This supports the view of low conviction during consolidation. The RSI hovers around 50, highlighting a lack of strong momentum in either direction.
Source CryptoRank
As of press Theta is trading around $0.779, up by about 2.8% in 24 hours. The pattern of lower highs and lower lows still shows bearish pressure. The MACD is printing weak values at -0.011 and -0.013, while the RSI hovers at 40.76—just above the oversold zone, signaling a lack of strong momentum for now.
Price remains boxed between $0.775 and $0.850. Multiple breakout attempts have failed in August. A close above $0.95 may be the trigger bulls need. On the downside, failure to hold $0.775 could open the door to $0.740.
Candlestick formations near current levels suggest indecision. Both bulls and bears are fighting for control. Volume and RSI patterns support a range-bound phase. Historically, Theta has seen explosive moves after periods of compression.
By CoinFutura
about 3 hours ago
