Theta enjoyed an impulsive price rally for the first six days after bottoming on July 20, climbing over 100% at the July 26 peak of $7.60 level. THETA price has not recorded a daily close above $7.60 since the 200-day SMA magnet effect has contained price progress. Until the digital coin can record a daily close above the $7.75 level, it is doomed to further fluctuation along with the 200-day SMA or a pullback to the rising 50-day SMA.

Theta price in search of catalyst, despite strong market

At the July 20 low, Theta price recorded an extreme oversold condition on the daily RSI, providing the foundation for the remarkable 100% price gain over the next six days. However, THETA price has failed to capitalize on the initial momentum and the broad market strength to strike higher prices. As a result, the altcoin price has been frustrated by 200-day SMA and the April descending trend line.



A second barrier to improved Theta price action is the robust resistance level established by a range of price congestion between $7.10 and $7.75, extending back to the April low of $7.16 level. THETA price attempted to breach the range on August 6, August 16, August 17, and today but could not register a daily close above.  

If Theta price does close above the $7.75 level, it should spark a 26% rally to another formidable range of resistance between $9.75 and $10.80 level, outlined by a large number of highs in May and early June. The range is bolstered by the 50% retracement level of the April-July correction at $10.05

To conclude, THETA price is in search of a catalyst to bust the resistance and clarify the forecasts. Without a daily close above $7.75, speculators should not contemplate allocating capital. With that said, the one redeeming technical point for Theta price is the existence of a nearby support level that includes the April descending trend line at a price of $6.30 and then the 50-day SMA at $6.02, enhancing confidence if the price congestion is overcome.

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