THETA Price Forecast: THETA Price Forecast A Bearish Momentum

Theta price bears on a roar for the next run
  • THETA price is currently in an accumulation zone with a downtrend sign. In contrast, THETA/BTC pair is also in a bear trap
  • There is a formation of Elliot corrective in the THETA, which showcases that price can test the support of $11.63
Source:Trading view

THETA is a blockchain-powered network built for video streaming. It was launched in March 2019 and operated as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer basis. The project is headed by Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch. It has seen an ROI of more than 7860% since its inception. The coin went from an all-time low of $0.03977 to $14.99, making the investors fill their pocket with a return of 30750%.THETA Price forecast a great return in the upcoming days.

THETA is currently ranked 9 with a market capitalization of more than $12,000,000,000.The market capitalization to volume ratio for the coin is 0.06285, and if it crosses more than 0.6, then a buying rush can be seen.

Technical Indicator Suggest A Bearish Move For THETA Price Forecast

Source:Trading view
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The weekly technical chart of THETA shows a bullish momentum. On coming to the daily chart’s shorter time frame, THETA price has formed a corrective Elliot wave formation. According to the Elliot wave pattern, the price can test the level up to $11.72.THETA price is above 20 and 50 Moving average. The 20 MA(Red) line is at $8.72, making it temporary support for the coin. Resistance for the coin on going upside is at $14. While on the downside, the coin can see a bounceback from $11.There is a formation of the accumulation zone on the 4-hour chart. If the price goes above the zone, then a new high can be formed.THETA/BTC pair is currently performing negatively but can see a bounceback in a couple of trading session.

RSI(NEUTRAL): It is trailing at 52 while showcasing its presence in the neutral zone. There is no significant slope formation, highlighting that price can remain in the consolidation for a while. The overall sentiment of the RSI is neutral.

Conclusion

THETA price forecast an excellent return for the future.THETA has a great team behind it and has seen a great return in the past.THETA/BTC pair can also break past its previous barrier and can see a new high being formed.

Technical Levels

Major Support:$11

Major Resistance:$14

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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