THETA Technical Analysis: EMA Breakout Teases Jump To $4

THETA coin price experiences a boom in buying pressure resulting in the 50-day EMA breakout. Will the rally surpass $4? Key technical points: The RSI slope enters the nearly overbought territory. The MACD and signal lines are ready for a bullish crossover. Finally, the 24-hour trading volume of Theta is $334.5 Million, marking a 94% rise. Past Performance of THETA THETA coin price shows a sideways trend between the $3 and $4.50 supply zone after the downfall observed in late 2021, continuing till the first week of 2022. Recently, the increased supply inflow at the overhead resistance reflected the price back to $3. However, the buyers brought an early bullish reversal resulting in the 50-day EMA breakout. Source-Tradingview THETA Technical Analysis THETA coin price shows a bullish engulfing candlestick creeping above the 50-day EMA with a 7% growth. Hence, the sustenance above the $3 mark projects a continuation to the $3.5 mark. The bearish alignment of the 50, 100, and 200-day EMAs provide multiple resistance spots to control the bullish growth. However, the first line of defense, the 50-day EMA collapsing under increased buying activity, forecasts a jump to the 100-day EMA. RSI Indicator: The RSI slope regains bullish momentum after the dramatic fall from the overnight territory to the oversold boundary. Hence, the indicator reflects a rise in the underlying bullish momentum. MACD Indicator: The MACD and signal lines are re...