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- 1 Theta Price fell 10% on a weekly basis and dropped below $1.00.
- 2 Theta coin price also drops below 50 and 200 day EMA showcase downtrend.
- 3 The pair of THETA/BTC is trading at 0.00003440.
Theta price fell 10% on a previous week and dropped below the $1.00 support. It hurted the market sentiment and price is showing signs of bearish trend reversal. Theta price rejected the 200 day EMA and also dropped below the 50 day EMA showcase downtrend. However, both the EMAs are sloping sideways indicating prices lacking the downside momentum and likely to consolidate for some more time.
Theta coin price seems to be stuck into the narrow range between $0.850 to $1.300 and likely to break either side soon. However, if the price continues to consolidate in coming months then it will be interpreted as long term base formation.
Theta price is trading at $0.0981 with an intraday decline of -0.71%. The 24 hour volume to market cap ratio is 0.0124. At the mid of February, Theta price attempted to break out of the $0.1300 hurdle level. Sadly it turned into a strong resistance and the price got rejected.
Later, Theta price began to decline and corrected 34% in the short span of time. The downfall halted near $0.8500 and formed a Doji candle. Buyers tried to recover the losses and regain the 50 day EMA but prices lacked upside momentum and entered consolidation.
Will Theta Price take a U-turn and regain $1.00?
Theta price has performed well in the past few months and generated decent returns for long term investors. However, the next phase of the rally will begin when buyers succeed to break the $1.300 hurdle.
Theta coin price is near to the demand zone and till it sustains above $0.850 the probability of downside is low. However, If the sell off continues then the prices may test the support but the possibility of bounce back remains high.
The technical analysis suggests Theta price is in bulls grip and responsive buyers seem to be active at lower levels. Therefore, the probability of taking a U-turn from the demand zone remains high.
Theta price: Technical outlook
THETA price forming a bullish hammer candle on a weekly time frame shows buyers are returning back to track. If the overall market sentiment remains bullish then it might positively impact the price of Theta and other coins. The technical indicators like MACD had generated a negative crossover but the curve is sloping sideways indicates consolidation. The RSI at 43 sloping upward denotes buyers are trying to test the neutral territory.
Conclusion
Theta price fell 10% on a previous week and dropped below $1.00 support. However, the price seems to be lacking the down side momentum and consolidating near the demand zone. The technical analysis suggests, Theta coin price is in bulls grip and any short term correction will have high probability of bouncing back from lower levels.
Technical levels
Resistance levels : $1.200 and $1.300
Support levels : $0.850 and $0.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.