- In terms of the weekly price graph, Theta Network is seeing a descending wedge pattern.
- Theta coin’s market cap rose almost 15% over the past 24 days, as it remains above $1.15 billion.
- Theta coin belonging to the bitcoin pair is supporting the bulls by 24.5% at 0.00005175 satoshis.
Theta Network is seeing a falling wedge pattern (white) in the context of the weekly price scale. Although there is less volatility in theta coin these days, the altcoin price has remained bearish for the past several days.
Bears form a hedge zone near the downsloping trendline as once again the ongoing downtrend in the bull market could see a bullish rejection near this zone.
Thus, at the time of writing, Theta Network (THETA) is trading in a green zone at the $1.15 mark after a dramatic bloodbath. And the psychological level of $1.0 appears to be an important support level for the bulls.
At that point, the intraday trading candlestick is completely on edge. Meanwhile, theta coin’s market cap has recovered about 15% over the past 24 days, as it remains above $1.15 billion. Furthermore, theta coin belonging to the bitcoin pair is supporting the bulls by 24.5% at 0.00005175 satoshis.
THETA coin has vital support at the $1.0 mark
In the context of the daily price chart, theta price is looking below important EMAs like 20,50,100. Thus the 20 EMA is a short-term resistance area for the bulls and the 100 EMA is a red zone for volatility.
The daily RSI indicator found rejection on the semi-line (50 mark) but is again moving towards the top 50 mark on the other hand, Stoch RSI is in oversold territory.
Cconclusion
Apart from the simple RSI indicator, every major technical indicator shows weakness in the Theta Network price. But the bulls try to reverse the trend of the theta coin
Resistance level- $1.5 and $2.0
Support level- $1.0
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.