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20% drop, is it time to buy theta?

 


Theta Network (THETA / USD) is down over 20% in the past few weeks after failing to break out of resistance at USD 5.5. The price is now approaching a strong support level again, from which an early reversal can be expected. THETA is the cryptocurrency that powers the theta network. It can be used by those who want to become validator or guardian nodes. THETA enables the nodes to validate transactions, generate blocks, vote on changes in the network and earn TFUEL as a reward. Many investors have high hopes for theta for the coming months as the fundamentals are very good. This could be a good opportunity to buy theta.

The past few months have not been the best for theta investors as the price has fallen more than 50% from its November highs. However, a bullish pattern is now emerging. A sharp reversal could occur soon, however investors need to be careful and should not get in too early. Due to the huge decline in recent months, Theta has enormous upside potential, so the months ahead could be very profitable for Theta investors. So, should you buy theta below $ 5 in hopes of a rally in the months ahead?

  • After falling sharply in early December, theta made up for losses with a brief rally. However, the resistance at $ 5.5 caused theta to fall again to $ 4.2.

  • Theta is now about to form a double floor pattern. It is also supported by a bullish divergence on the RSI, which suggests a bullish reversal. Therefore, investors can get started as soon as a clear reversal is evident.

  • Strong support can be seen in the USD 4.2 zone from which the previous rally began. Therefore, investors should take long entries above the zone.

  • A target of $ 5.5 can be set, followed by $ 7.4.

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