THETA Technical Analysis: Breakout Rally Struggles To Jump Above $1.50

THETA price action shows a breakout rally struggling at $1.15 due to the lack of trading volume. Will the buyers manage to skyrocket prices to $1.50? Key technical points: The THETA price action shows the breakout of a falling channel. The price action shows a high likelihood of a bullish reversal from $1.15. The 24-hour trading volume of Theta is $89.20 Million, indicating a fall of 26%. Past Performance of THETA THETA prices showcase the end of a long-term downtrend under a long-coming resistance trendline for the past two months. The downfall started after facing opposition near the 200-day EMA in April resulting in a dip to $1.15 where a consolidation range prevented further depreciation. The consolidation shows a sideways trend surpassing the resistance trendline but struggles to rise higher. Source- Tradingview THETA Technical Analysis THETA price action showcases the lack of bullish momentum to fuel the breakout rally evident by the low trading volume compared to the last few weeks. Hence, the bears have the opportunity to overtake the trend control and result in the fallout of $1.15. The crucial daily EMAs (50, 100, and 200-days) fall in a bearish alignment which indicates a long correction phase. Furthermore, the MACD and the signal lines show an upward trend with an increase in buying pressure evident by the rising trend in bullish histograms. Additionally, the RSI indicator displays a gradual rise in the ongoing upt...