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Vikram
Feb 14, 2022
by Vikram

THETA Technical Analysis: Downfall Continues To Retest The $3 Mark

THETA
 A highly influential descending trendline has led to the ongoing downtrend in the THETA coin price. Moreover, the recent bullish attempt fails to crossover the resistance trendline and results in the recent 20% fall. Hence, the ongoing free fall may shortly reach the $3 mark as the sellers gain momentum.

Key technical points:

  • The THETA coin price breaks below the 50-day EMA and the $4 mark.

  • The MACD indicator gives a bearish crossover in the THETA/USD daily chart.

  • The 24-hour trading volume in the Theta coin is $328 Million, indicating a 30% fall. 

    • Past Performance of THETA

    THETA sellers marked a new lower low at $2.32 on January 24. Amid the recent recovery phase in the crypto market, the buyers surge the altcoin to $4.3, indicating an 84% hike within three weeks. However, the higher price rejection candle at the resistance trendline revealed the bears are selling on rallies, resulting in a 20% fall in the last three days.

    TradingView Chart

    THETA Technical Analysis 

    During the recent price jump, the THETA buyers breached the overhead resistance of $3.67-$3.57. However, the coin price reverts from the descending trendline and retests this broken resistance.  If buyers could sustain above this mark, the price will attempt to overcome the long coming resistance trendline.

    The 50-and-100-day EMA acts as dynamic resistance in this downtrend. However, the bulls managed to reclaim the 20-day EMA, offering a slight edge to long traders.

    Despite the current retracement, the RSI indicator(51) sustains above the neutral line and 14- SMA, maintaining a weak bullish sentiment among the buyers.

    The MACD indicator shows the fast and signals are struggling to overcome the midline, indicating the bears have the upper hand. A bearish crossover among these lines would provide additional confirmation for short-sellers.

    In a nutshell, the THETA price action and the technical indicators propose a downfall continuation to the $3 mark.

    Upcoming Trend

    The THETA coin price action shows the recent failure of bulls to sustain above the $4 mark and surpass the resistance trendline. Hence, the upcoming downtrend may soon retest the $3 mark and might give a fallout if the trend momentum increases. That is why sellers can find excellent entry opportunities at the current market prices. 

    Support Levels:$3.5 and $3

    Resistance Levels: $4 and $4.6

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    THETA Technical Analysis: Downfall Continues To Retest The $3 Mark
    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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