- Theta Network price prediction is pointing at a moderate recovery amidst a strong downtrend.
- The THETA crypto price reported a year-to-date loss of 39.17%
- THETA token has made a recovery of 32% from its swing low so far.
Theta Network’s (THETA) price prediction states that the THETA token price has made a moderate recovery amidst the strong downtrend. The market has been sliding after a bullish rally of 75% from its swing low to the resistance of $1.301. However, the THETA token price couldn’t breach the resistance, and sellers began unloading their bags, thereby dragging the price down. The market witnessed a fall of 55% from its rejection; the price plunged to critical support before the recent recovery.
At the time of writing, the current market price of Theta Network is $0.774. The 24-hour trading volume plunged 31.96%. The market is down by 4.29% in the last 24 hours. The overall market cap of THETA is $774,434,304.
Can THETA Crypto Rebound to the Upper Levels?
Theta Network’s (THETA) price prediction gives an insight into the bearish sentiments of the market. The price is trading below the 200-day EMA, which tells us that the market is being dominated by sellers. However, as the bulls came to the rescue, the THETA price got the key support level of $0.603.
The buyers accumulated the token near the support and increased the buying activity as the price moved up. This resulted in a recovery of about 47%, leading the THETA token price to the resistance level of $0.850. The bears maintain a firm grip at this level, which can be evident by the rejection of the price at its current level.
Will Theta Token Sustain its Recovery?
The 4-hour chart gives a closer look at the recovery phase of the THETA crypto price. The price shifted its momentum to bullish in the short term. It is identified by the bullish market structure, as the price keeps creating higher highs while taking support from an ascending trendline.
Meanwhile, the price travels in an ascending channel on its way up. However, the momentum fades along with the volume and the soaring price. This indicates a possible reversal in the short term. The ascending channel is taking the form of a bearish flag, and a breakdown can become a trigger point to initiate a downfall.
RSI
The RSI indicator is currently at 35.02. It represents bearish conditions where the price may continue to fall until RSI goes above 50. Aggressive selling may happen only if RSI goes below 30.
MACD
MACD made a bearish crossover and the indicator has descended below the 0- line. It means that the price is more likely to fall until the MACD makes a bullish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA.
Conclusion
Theta Network’s (THETA) price prediction states that the THETA token price has made a moderate recovery amidst the strong downtrend. The bulls recovered the price from its swing low, but the market structure hints at a normal pullback for this strong downtrend. The price action is not showing any strong reversal pattern or momentum. Therefore, investors should exercise caution and navigate the volatility with proper risk management.
Technical Levels
- Support Level: The nearest support level is $0.727
- Resistance Level: The nearest resistance level is $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.