- The THETA coin shows a death crossover of EMA’s during the day
- The THETA/BTC pair traded for 0.0001228 BTC with a loss of 1.45%
- The daily trading volume for The THETA coin is 356.5 million.
After reaching $9.7 on September 5, the bull rally of the THETA coin is experiencing a minor retracement phase. These pullbacks are a good thing for trending coins because it helps to keep a healthy uptrend. However, the price has dropped below the crucial support of $5.7, showing great sustainability below it with an evening star candle pattern.
Concerning the EMA’s, the coin shows a bearish trend as its price is trading below the trend defining 200 EMA. Moreover, these lines have also provided a death crossover, attracting more sellers to the coin market.
The RSI value is 39 indicating a bearish sentiment in this coin. In addition, the RSI line shows a significant decrease in its value which suggests that the bears have taken control.
The THETA coin Crypto Chart in the 4hr Time frame
The THETA coin is obtaining good support from the $4.8, indicating the possibility of a double bottom pattern in the 4hr time frame. The crucial resistance(neckline) for the pattern is $5.8. Suppose even in this bearish mood, if the price manages to bounce from this support, this pattern could provide a great entry for crypto traders.
The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum in the THETA coin. These lines also indicate a bearish crossover which provides more support for market bears.
Conclusion: The technical chart of the THETA coin shows a bearish outlook. Thus, the Crypto traders can seek out short opportunities to profit from this ongoing bear attack. As mentioned, the price is close to $4.8 support, which stands between the coin price crucial mark of $3.7
Support – $4.8
Resistance $5.8