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Vikram
Feb 24, 2022
by Vikram

THETA Technical Analysis: Correction Grows To Challenges $2 Fallout

THETA
The THETA coin price action continues the correction phase with a breakout of lower lows and multiple support levels. Will this trend break below $2?

Under the influence of a highly bearish resistance trendline, the THETA coin price continues to create the lower low formation. The correction rally breaks below the $3 and $2.5 marks resulting in the start of another lower low figure that threatens the breakout of $2. Will the bears breach the $2 mark?

Key technical points:

  • THETA coin price fails to surpass the 50-day EMA.

  • The altcoin price breaks below the low of $2.50. 

  • The 24-hour trading volume in the Theta Network token is $343 Million, indicating a 38% rise. 

    • Past Performance of THETA

    The THETA token price showed a bullish attempt to surpass the 50-day EMA after creating a low on the $2.5 horizontal level. However, the prices failed to sustain above the 50-day EMA as the sellers-driven trendline crushed the bullish rally. The downfall breaks below the low of $2.5 and continues the approach to create another low at $2.

    TradingView Chart

    THETA Technical Analysis 

    The THETA coin price shows an increase in selling pressure evident by the 40% jump in the trading volume. Hence, the possibility of a $2 breakout is significantly more than the bottom creation at $2.

    The crucial 50, 100, and 200-day EMAs continue to trend lower in a downtrend with a bearish alignment as the 50-day EMA provide an active barrier. Hence, the EMAs are expected to resist the upcoming bullish attempts. 

    The RSI Indicator slope continues the fall after a sharp rise within the nearly oversold zone, indicating a bearish continuation. The RSI slope may shortly reach the oversold area below the 30% mark, increasing short-term reversal chances. 

    The MACD indicator shows the fast line failing to sustain above the zero value while the slow line fails to surpass it. Thus, the lines give a bearish crossover and continue the downtrend below zero. 

    In a nutshell, the THETA technical analysis proposes the bears will propel the prices to the $2 mark.

    Upcoming Trend

    The THETA coin price may shortly reach the $2 mark, but the thesis of a breakdown trend will be confirmed with price action. The RSI indicates the possibility of a reversal, but the 50-day EMA may check the bullish growth. Hence, the upcoming trend seems bearish till the prices reach the $2 mark. 

    Support Levels: $2 and $1.73

    Resistance Levels: $3 and $3.5

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    THETA Theta Network
    THETA Technical Analysis: Correction Grows To Challenges $2 Fallout
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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