Upward Trend Faces Crucial Resistance

30 ก.ค. 2023

Over the past month, THETA has been on an upward trend, with persistent efforts from buyers to sustain this positive momentum. Initially, there was a negative reaction when facing resistance at the $0.77-$0.81 range. However, this resistance level has now transformed into a short-term support level. It's essential to note that there is a more significant and crucial resistance ahead at the current price range is $0.86 level.

Should the short-term upward trend line be breached, it could signal a negative development, leading to a potential decrease in the currency's value and a return to lower support levels. A relevant factor to consider is the Relative Strength Index (RSI) indicator on the chart, which is currently at 53 in the daily timeframe. This indicates that the market is not oversold or overbought but is somewhat balanced.

In case the mentioned support level is broken, the next support range to watch for would be at $0.71. This particular area might hold the potential for a positive reaction and could be a crucial level to monitor for potential market movements.