THETA’s Breakthrough and Internet Computer’s (ICP) Bullish Flag Pattern Promise Market Shakeup: Key Levels to Watch
The cryptocurrency market has been displaying intriguing price movements, with technical analysts identifying potential bullish breakouts for THETA and ICP tokens. Zayk Charts, a trader, unveiled a bullish flag formation on the 8-hour timeframe for THETA. Consequently, this pattern suggests an imminent upside breakout.
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Dissecting the THETA Chart
Zayk Charts’ analysis presents two distinct trendlines on the THETA/USDT chart. The upper line slopes downward, indicating a trend of lower highs – a characteristic of a downtrend or a descending channel. However, the lower trendline is relatively flat, suggesting support levels where the price has repeatedly bounced.
Significantly, the price appears to have broken above the upper trendline, potentially signaling a bullish reversal or a breakout from the previous downtrend. Moreover, a green rectangle drawn above the current price level indicates a target area where the price might head if the breakout is sustained. The height of this box suggests a substantial price move expectation.
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Show more +ICP: Bullish Flag Signals Continuation
In addition to THETA’s potential breakout, altFINS’ analysis of ICP reveals a bullish flag pattern, a continuation pattern suggesting the existing uptrend is likely to resume. According to altFINS, “Following a bullish breakout from an Ascending Triangle, above $15 resistance, price reached our target of $20 for a +30% gain. Now it’s consolidating in a Bullish Flag pattern, which is a continuation pattern, meaning price typically breaks out in the existing direction.”
Source: altFINS – Start using it today
altFINS explains that the bullish flag pattern is a short-term, small rectangle trading range between diagonal parallel lines, moving counter to the prevailing price trend observed on a longer timeframe. Additionally, this pattern is among the most reliable continuation patterns traders use, as it generates a setup for entering an existing trend ready to continue.
Furthermore, altFINS notes that the trade is initiated on a breakout if it is in the same direction as the prevailing trend. Moreover, with bullish flag patterns, traders prefer a breakout with an increase in volume, although it isn’t a must.
While the trend appears neutral on a short-term basis, altFINS identifies an uptrend on medium- and long-term horizons. Consequently, the nearest support zone is $15.00 (previous resistance), then $12.00, while the nearest resistance zone is $20.00, then $25.00.
Zayk Charts and altFINS analyses suggest potential bullish breakouts for THETA and ICP tokens, respectively. However, as with any investment, traders are advised to exercise caution and conduct thorough research before making any financial decisions.
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