- Theta Network Price fell 14% approx on a monthly basis.
- The Theta crypto price rejects the 200 day EMA and also dropped below the 50 day EMA.
- The Theta Coin formed a double top bearish pattern.
Theta Price fell 14% on a monthly basis and formed a double top bearish pattern. Prices slipped down by forming lower lows swings and eroded the majority portion of the previous gains.
Theta Coin Price faced a hurdle at the 200 day EMA and dropped below the 50 day EMA shows positional trend is in downward direction. However, the price is near to the crucial support and buyers will try their best to reverse the trend in the favor of bulls.
Theta price has performed well in the beginning of 2023 and rallied 81% approx from the yearly lows. However, the momentum halted near $1.300 and unexpected profit booking triggers from the higher levels.
Buyers tried their best to sustain the price above the $1.00 level but due to the strong presence of sellers they failed. Surprisingly, prices did not collapse and traded in a narrow range $0.900 to $1.100.
At the mid of April, Theta Price once attempted to break the higher range and expand upward. Sadly, the attempt was a bull trap and prices took the opposite direction. Theta Price is trading at $0.848 with an intraday decline of -2.53%. The 24 hour volume to market cap ratio is 0.007.
Will Theta Price bounce back?
Theta Price is quite volatile and speculative spikes are normal. It shows speculators are active and any short term up-move will face difficulty to sustain on higher levels. Theta Coin price has corrected a lot and is trading near to the crucial support.
If the buyers succeeded to defend the $0.700 then the possibility of the short squeeze will increase. On the other hand, if the price continues to decline then it may raise concern for the long term investors.
The market leader Bitcoin and Ethereum price is mildly bearish which is hurting the market sentiment. Therefore, if the market leader recovers then it may positively impact the prices of the other Altcoins.
Theta Coin Price: Technical Outlook
Theta Coin is forming a long tail bearish rejection candle on a weekly time frame and fallen for five consecutive weeks. It shows the strength and the dominance of sellers.
The MACD curve has generated a negative crossover and sloping down indicates weakness and prices likely to trade with bearish bias. The RSI curve at 35 pointing south denotes price is near to oversold territory and relief rally may trigger anytime from lower levels.
Conclusion
Theta Price fell 14% on a monthly basis and formed a bearish pattern. The downfall is still continuing and no signs of recovery are visible. However, Coin price is near to the yearly low and seems oversold. Therefore, a short term relief rally may trigger anytime from the support levels.
Technical levels
Resistance levels: $1.000 and $1.200
Support levels: $0.800 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.