THETA/USDT – Is the Rally Losing Steam?

THETA/USDT has been on a remarkable bullish run, recently climbing to $3.172 before experiencing a pullback to its current price of $2.886

THETA price analysis shows that the coin experienced a significant pullback on Friday, pausing its impressive rally. Despite the pullback, THETA price analysis remains bullish on higher timeframes.

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THETA price analysis: a closer look at today’s trends

After several days of remarkable gains, THETA price encountered its first substantial retracement on Friday. The coin opened the day at $2.967 before embarking on a rollercoaster ride that saw it reach a high of $3.172 and a low of $2.833. At the time of writing, THETA is trading at $2.886, down by 5.84% on the day.

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A glance at the 24-hour price chart reveals that THETA price began the day with a bullish note, continuing its rally from Thursday. The coin price surged past the $3.00 resistance level like a hot knife through butter, reaching as high as $3.172. However, buying pressure encountered resistance at this point, triggering a pullback in THETA price.

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The coin price then dropped sharply, reaching a low of $2.833 before finding some support. From there, THETA price recovered slightly to reach the $2.886 price point, where it encountered another wave of selling pressure. This ultimately led to the coin price pulling back further from its intraday high.

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A look at the technical indicators reveals that the coin price is still trading at a distance from the EMA 20, which is positioned at $1.996. This indicates that bullish momentum still dominates in the short term. However, the larger the gap from this moving average, the more likely we are to see a mean-reversion or consolidation phase.

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Meanwhile, THETA price remains well above the SMA 50, which currently stands at $1.357. This simple moving average highlights the longer-term trend, which is bullish.

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Overall, THETA price analysis is bullish on the weekly and monthly charts despite today’s pullback. The coin price is still up by an impressive 200% on the month and shows no signs of slowing down just yet.

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Key technical levels to consider for THETA price analysis

Current Price: $2.886

EMA 20: $1.996

SMA 50: $1.357

Relative Strength Index (RSI): 76.64

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Disclaimer: This analysis is intended to provide information and does not constitute investment advice. Trading cryptocurrencies involves significant risk, and you should always do your own research and consult a qualified financial advisor before making any trades.