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- THETA has shown a bearish trend in recent sessions.
- The pair of THETA/Tether is trading at the price level of $0.747 with a decrease of -0.27% in the past 24 hours.
During the crypto market crash, Theta Network (THETA), a blockchain-powered peer-to-peer video distribution system, witnessed a significant price reduction. After reaching a 52-week low of $0.706, the cryptocurrency is showing signs of bullish momentum.
THETA on the daily chart
The cryptocurrency’s overall outlook is bearish, with lower highs and lower lows. On the daily chart, THETA token is trading at $0.747 with a loss of -0.27% in the past 24 hours. Token is currently trading below its key Moving Averages which are 50 and 200 EMA. ( Red line is 50 EMA and the blue line is 200 EMA). For a long period of time it is trading below these Moving Averages and is facing resistance near it.
Relative Strength Index: The asset’s RSI curve is presently trading at 40.08 and is approaching the halfway point of 50. After taking support around $0.712, the RSI curve has crossed above the 14 SMA, indicating bullishness. If the bullish trend continues, the RSI curve may rise further and break beyond the 50 mark. If the token continues to fall below the support level, the RSI curve will also fall.
Analyst view & Expectations
Token was unable to breach the $0.712 support level, and the price is showing strength after taking support. This bullish trend may come to a halt at the $0.785 resistance level or the 50 EMA. Investors should avoid buying right now and instead wait for the bullish trend to be confirmed. If the price falls below the support level of $0.712, intraday traders have a strong opportunity to go short and book gains based on their risk to reward ratio.
According to our current Theta Token price prediction, the value of Theta Token will fall by -2.47% and hit $ 0.722 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, Theta Token has 11/30 (37%) green days and 6.97% price volatility. According to our Theta Token forecast, now is not the moment to buy Theta Token.
Technical Levels
Major support: $0.712
Major resistance: $0.785
Conclusion
After hitting the support level twice, token is showing signs of short-term bullish momentum, and a shift in trend is possible if token is able to break above all resistance levels. Investors should wait for a clear indication before investing.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.