Theta price soared all of a sudden without any specific reason, while most of the crypto assets were hovering within specified regions. Ofcourse, the platform had announced its own marketplace for the Non-Fungible tokens, but it was in the beginning of this month.
However, despite the uncertainty within the crypto space, yet the asset keeps up its bullish momentum and appears to be primed for another 30% upswing.
The THETA price underwent a notable uptrend in the fast half of 2021 which kept depleting throughout the second half of 2021. Each time the price experienced a downtrend, it quickly bounced from the strong support at $3.7.
However, the recent sell-off on 22 January dragged the price below the support levels, manifesting an extreme bearish trend. Yet with the previous day surge, the asset regained the previous levels to range high.
The asset, after the recent jump, sliced through the crucial support-flipped-resistance levels and consolidated within the same levels. And hence is currently trending within a bullish pennant which is primed to test the upper resistance and break it with huge intensity.
And hence the Theta price may hover within the pennant for a couple of hours until it reaches the apex of the flag. Further with a breakout the price appears primed to hit $4.6 levels with the next leg up.
Coming to the indicators, the ADX which indicates the strength of the rally is currently bullish in the short-term, hinting at an immediate jump. However, in the long-term, the asset has accumulated enough buying pressure and may undergo a short-term trend reversal.
Yet it may be an interim pullback which may be sustained above $3.8 levels. And finally, the THETA price may resume flying high as RSI is extremely bullish and does not appear to plunge any time in the near future.