Hey friends, hope you are well, and welcome to the new update on THETA coin.
A powerful rally and sideways move:
After the powerful rally, the price action of Theta is moving sideways since 2nd Jan 2021. 1st it was moving in the parallel channel but after forming higher lows and lower highs the pattern has been changed to a symmetrical triangle. And this move has also formed a bull flag on the daily time period chart as well.
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The EMAs:
On the daily time frame chart, the price action is also using exponential moving averages with the time period of 10 and 21 again and again. This time the priceline has again bounced by the EMA 21 and reached the resistance of the triangle.
The volume:
We have a powerful buying volume at the end of Dec 2020 then 1st week of Jan and the last week of Jan 2021. With volume, the volume oscillator was also giving powerful buying volume signals. Now the volume is being decreased. Now there is a possibility that again the volume oscillator will rise up and if this volume oscillation will be for buyers then the priceline may breakout the resistance of the triangle.
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Conclusion:
As the priceline of Theta has reached the end of the triangle and bull flag, therefore, there are more chances that soon this sideways trend will be over.
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