THETA NETWORK PRICE ANALYSIS & PREDICTION (December 2) – Theta Looks Strong Weekly Despite Current Drops But Can It Advance Higher?
Closing last month on a strong bullish note, Theta looks weak today as it starts a new month on a loss. It is likely to enter a correction mode if the price drops daily, though the trend is still bullish.
As low-cap altcoins take the stage this week while Bitcoin decides the next move, Theta continued to show strength and exploded massively to a new multi-month high of $3.2 during the November rally.
The rally was intercepted today being the first day of December, and as we can see on the daily chart, the price is currently down after a week of consistent increase, showing signs of weakness from the buying side.
Despite that, the bulls are still in charge from a short-term perspective. We can expect more rallies if they show strong commitment in the next few hours. Otherwise, the crypto may correct lower before climbing back. Technically, this should provide a little discount in the market.
So far, Theta has seen a significant recovery from where it was trading in the past month. While there’s still room for massive growth in the long term, the price must break above March’s high before considering a massive upsurge. All in all, it remains bullish on the daily timeframe.
THETA’s Key Levels To Watch
Source: Tradingview
If the bulls counter the latest drop with a push above the recent rejected high, the next target level would be $3.82 – March’s high. A break up from there should send the price to $4 and $5 in no time.
The potential support level to watch for the ongoing sell is $2.56. If the price drops below it, Theta may pull back to the $2.06 and $1.66 support before bouncing back.
Key Resistance Levels: $3.82, $4, $5
Key Support Levels: $2.56, $2.06, $1.66
- Spot Price: $2.89
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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