- Theta Network (THETA) price prediction shows a bearish market structure.
- THETA token is down 1.34% in the last 24 hours.
- Theta Network (THETA) price is down 38.75% in one year.
Theta Network (THETA) price prediction highlights the bearish dominance of the market, which resulted in the declining price of THETA token since February 2023. The cryptocurrency jumped 75% at the start of the year and the prices went up to $1.30. Since then, the bears ruled the market by pushing the price down.
At the time of writing, the THETA coin is trading at $0.737. The 24-hour volume declined by 20.44%. The overall market cap for THETA tokens is $738,090,441.
Will Theta Network Price Rebound to Upper Levels?
The THETA price experienced a significant decline of 50% since February 2023. The price finally took support at $0.603 and witnessed a recovery of 21% since then. The bounce was backed by a good volume indicating the interest of buyers at these levels. Meanwhile, the bulls are busy with reclaiming the resistance level of $0.727.
The price is below the 200 EMA which means the overall trend remains bearish. Meanwhile, the 9 and 15 EMAs are turning flat, suggesting a phase of consolidation in the short term. The market may spend some time in a range before deciding on a clear trend.
The Market is Consolidating Near the Resistance.
According to the 4-hour timeframe, the price is trading in a minor uptrend. The THETA coin is trading close to the 200 EMA, which is a sign of a sideways market condition. On 25th June 2023, the price formed an inverted hammer candlestick while getting a rejection from the resistance of $0.850.
This candlestick conveys the presence of aggressive sellers which forced the price down. Despite this, the price continued going up but the volume lacked the buyer’s interest. At present, the market has lost momentum which can be observed by the formation of small candles floating close to the 9,15 and 200 EMA.
RSI: The RSI indicator is currently at 49.46. This indicates that the market is neutral and the prices may move sideways. The direction of the trend is unclear.
MACD: MACD made a bearish crossover while the indicator is moving close to the 0 line. It means the market is sideways to bearish. The histogram is getting lighter which means that the selling momentum is decreasing.
200 EMA: On the 4-hour chart, the price is trading very close to the 200 EMA. This is a sign of consolidation where the investors may get confused due to the sideways movement. It would be wise to wait for the price to get away from the indicator to establish a trend.
Conclusion
Theta Network (THETA) price prediction highlights the bearish dominance of the market, which resulted in the declining price of THETA token since February 2023. The THETA token showcased a decent recovery but the overall trend remains bearish. A strong bullish trend can get established if the price crosses the 200 EMA on the daily timeframe.
Technical Levels
- The nearest support level: $0.603
- The nearest resistance level: $0.850
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.