THETA's Downswing to Continue Below $7.62 - Technical Analysis
Theta token is a Non-Fungible Token (NFT) that helps users in seamless decentralized video streaming over its blockchain network. The currency powers Theta’s decentralized video delivery network, powered by users and an innovative new blockchain. Theta is an open-source protocol purpose-built to power the decentralized streaming network and will allow for vertical decentralized apps (DApps) to be built on top of the platform to enable esports, music, TV/movies, education, enterprise conferencing, peer-to-peer streaming, and more.
On March 11, 2021, the opening price of THETA was $6.53. As of March 18, 2021, the closing price of THETA was $7.87. Thus, in the past week, the THETA price has surged by approximately 20%. In the last 24 hours, THETA has traded between $6.76-$7.89.
Day-Ahead and Tomorrow
Currently, THETA is trading at $7.55. The price has fallen from the opening price of $7.86. Thus, the market seems bearish.
Presently, the RSI indicator is at 36%. It has just rallied from the 30% mark. This is the right time for day traders to buy THETA. However, the selling pressures are still high and hence we can expect the price to go down further.
The MACD and signal lines are in the negative territory. So, the overall market momentum is bearish. A bearish crossover by the MACD line over the signal line gives further credence to a price downtrend.
The OBV indicator is upward sloping. This is a positive sign as buying volumes are higher than selling volumes. High selling activity will push the price upwards. Thus, the price will start rising again but with intermittent price pullbacks as the other oscillators have shown a bearish market momentum.
THETA Price Analysis
Currently, the price is trading just above the Fibonacci pivot point of $7.51. The price may fall up to the first support level of $7.07 in some time, as the overall market trend is bearish.
The price has tested and fallen below the 23.6% FIB retracement level of $7.62. It may soon fall below the 38.2% FIB retracement level of $7.46. The price uptrend will revive if by the end of the day, the price retests and breaks out of these retracement levels. If the price fails to do so, then probably a bear-run has set in. In that case, the price downswing may continue tomorrow as well.
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