THETA Technical Analysis: Sellers Bring Another Lower High Formation
Key technical points:
Past Performance of THETA
THETA price shows a long-coming resistance trendline that has crushed multiple bullish attempts in the past few months. The 50-day EMA provides a dynamic barrier that moves along with the trendline. The recent reversal from $2.6 propelled the prices higher and increased the chances of a bull run.
However, the price fails to surpass the resistance confluence aforementioned and retraces 12% in the past four days.
Source-Tradingview
THETA Technical Analysis
THETA price retracing to the $2.6 increases the bearish momentum as multiple bearish candles with higher price rejection takes shape. Therefore, the rising selling pressure increases the chances of a $2.6 fallout.
The EMAs are crucial for the daily trading project to be in bearish alignment with a negative slope. Furthermore, the continuous decline in the 50-day EMA suggests a large supply region which could soon push the price down to $100.
Despite the recent bullish crossover, the MACD indicator shows a fall in the fast line. Hence, the fast line warns of a bearish crossover in the daily chart. This will undermine the previous bullish crossover and increase the bearish stress on the altcoin.
The RSI Indicator slope shows a steep fall below the central line and approaches the 14-day average. Therefore, the indicator reflects a sudden fall in the underlying bullishness and suggests a reversal to $2.6.
In conclusion, THETA technical analysis projects the possibility of a downfall below $2.6 if the sellers get a firmer grip over trend control.
Upcoming Trend
THETA coin price shows a short-term downtrend which brings a selling opportunity at current prices that may result in a downfall below $2.6. Hence, the anticipation of the upcoming is increasingly bearish that may shortly bring a 30% free fall.
Support Levels: $2.6 and $2
Resistance Levels: $3.5 and $4
