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•THETA/USD is currently priced at $1.12 and has decreased by 19.12% over the past day
•The trading volumes have decreased by 4.06% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Theta Network Coin moves southwards
The Theta Network price today is $1.12 USD with a 24-hour trading volume of $133,229,563 USD. THETA is down 19.12% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.1186 for the altcoin.
Theta Network Coin has been struggling to break past the $1.50 resistance level, indicating the low-risk appetite of the investors as the crypto market has still not recovered from the crash of the previous month. On the flip side, in the event of the continuation of the downtrend, Theta Network will encounter support at the crucial psychological mark of $1. A breakdown below this level would indicate that the current structure is bearish. THETA is currently in the midst of a heavy downturn as it trading significantly below the 20,50 SMA on the four-hour chart.
Long Term View for THETA
Theta Network is showing bearish tendencies for the past few days as the RSI reading has slumped from the halfway mark to trade at 38.89. The green histograms have reduced in size on the daily MACD chart. The MACD and signal lines are transacting in the negative zone as well and the recent bearish developments could bring about the possibility of a bearish crossover occurring on the daily chart.
Conclusion
The technical indications for Theta Network reveal a prevailing bearish trend as the asset has still not been able to recover from the recent market crash. Hence, the downturn is likely to continue in the coming days.
Support: $1-$0.80
Resistance: $1.50-$2
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.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
