THETA is currently consolidating in a strong uptrend. The bulls bought the 38.2% Fibonacci retracement level at $ 10.31 on March 25, and the price went up. This indicates that sentiment has remained positive and traders are buying the dips.
If the bulls can push the price above the $ 13- to $ 14.96 zone, THETA / USD could begin the next leg of the uptrend that could reach $ 19. Rising moving averages and the RSI in the overbought zone suggest the path of least resistance is up.
Conversely, if the bears successfully defend the overall resistance zone, the pair could stay in the range from $ 10.31 to $ 14.96 for several days. A break below $ 10.31 could extend the decline to the 20-day EMA ($ 8.74).
Chainlink (LINK) dropped below the minor support of $ 26.28 on March 24 and reached the key support of $ 24. Although the bulls have maintained this support for the past two days, the recovery corresponds to a weak situation. This shows a lack of confidence among buyers that the correction might be over.
The 20-day EMA ($ 27.97) began to decline and the RSI fell into the negative territory. This shows that bears have the upper hand. A break below $ 24 could intensify the sale, which could drive the LINK / USD pair to $ 20.11.
If the bulls can increase the price above the 20-day EMA, this negative opinion will become invalid. Such a move would suggest a strong buy at lower levels and could hold the pair in the $ 24 to $ 32 range for several days.