THETA Technical Analysis: Bears Prep Pushdown Under $2
Key technical points:
Past Performance of THETA
THETA prices show an ongoing short–term correction rally under the influence of a mildly bearish resistance trendline providing two bearish rejections. The bearish turnaround accounts for deflation of 35% last month and aims to knock down the support trendline.
Source-Tradingview
THETA Technical Analysis
THETA prices show a bullish reversal from the descending support trendline with an engulfing candle of 12.58%. However, the trading volume fails to provide a significant rise to support the reversal resulting in the bearish candle with higher price rejection from the resistance trendline.
The bullish reversal strives to approach the midline of the Bollinger bands but struggles at the resistance trendline. Moreover, the indicator's midline act as dynamic resistance to the market price.
A potential bullish crossover among the MACD signal Line, bolstering buyers for an upside breakout from descending trendline.
The daily RSI slope barely escaped from the oversold region on may x and reverted back to the higher level. A steady rally towards the neutral line indicates weakness in the bearish momentum.
In a nutshell, THETA technical analysis shows a high possibility of a bear cycle within the price pattern.
Upcoming Trend
THETA market price projects a possible reversal from the resistance trendline as the uptrend loses momentum. Moreover, the higher price rejection in the bearish candle forming at the moment of the publication reflects a higher trendline fallout possibility under $2. Therefore, sellers can expect the fallout rally to reach the $1.68 support level.
Support Levels: $2 and $1.68
Resistance Levels: $2.72 and $3
