- THETA coin bears reclaimed the 50-day EMA
- The THETA/BTC pair was trading at 0.0001473 BTC with a loss of 20.05%
- The 24hr trading volume of the THETA coin is 1.62 Billion
On 7th September, the crypto market experienced intense selling pressure, displaying a red fall on almost every coin out there. Anyhow. The THETA coin was no different, as the coin dropped around 25% yesterday and closed below the crucial support of the $7.8 mark. As for today, the price continues to fall lower and is about to reach the next strong support of $6.4 and 200 EMA.
Concerning the EMAs. The THETA coin‘s recent price reversal has made it challenging to trade signals correctly from the EMA’s as they have been drawn too close together. Therefore, the THETA traders can limit EMA’s to 50 and 200 EMA to avoid confusion and identify the primary trend within this coin. Thus, as per these EMA’s, the coin remains bullish until the price manages to sustain above the 200 EMA line.
The RSI currently at 46(BEARISH) has shown a significant drop in its value with respect to the coin’s price action, suggesting the bears have taken charge now.
The THETA Coin Crypto Chart In The 4hr Time Frame
The current price of the THETA coin is $6.54, with an intraday loss of 6.95%, which means the price is sitting just above the crucial support for the $6.5 mark. If this coin manages to close its candle below this support level, the THETA traders can expect more fall in its price.
The Moving average convergence divergence (MACD) indicator (BEARISH) shows strong selling pressure in this coin, as the MACD and signal lines are about to cross below the neutral zone. Moreover, the histogram also shows long rising red bars in its chart, supporting the bearish momentum.
Conclusion: From the technical perspective, the THETA coin is about to test the crucial support of $6.5 from where the coin price took its support yesterday. Anyhow, this calls for a short entry opportunity for the crypto trader, where the entry can be expected with the breakdown and suitability below the bottom support level.
Support– $6.5
Resistance- $7.6