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•THETA/USD is currently priced at $0.84 and has increased by 0.41% over the past day
•The trading volumes have decreased by 49.24% over the past day
•The technical indicators suggest a negative outlook for the near term
Short Term View: Theta price upside to be curtailed?
The Theta price today is $0.841529 USD with a 24-hour trading volume of $11,525,058 USD. Theta Network is up 0.41% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of buyers whereas the Volume to Market Cap Ratio stands at 0.01365 for the altcoin.
Although Theta price has not yet succumbed to the bearish pressure prevailing in the market, there still remain lingering doubts about the next trajectory the altcoin is about to take in the coming days. The bears have made a comeback in the market which has led to the Theta price transacting below the 50 SMA but above the 20 SMA on the four hour chart. A move below the $0.80 support level will potentially give the bears a backdoor for entering the market. On the flip side, a move above the crucial $1 threshold will mark the bulls as a force to be reckoned with.
Long Term View for Theta price
The negative price action witnessed in Theta has had grave consequences for the altcoin and it has slipped to 40.14 at the point of writing. The downtrend culminated in the development of a bearish crossover on the daily chart a few days ago which offers little hope to the Theta bulls to tilt the balance in their favor. The MACD and signal lines are also trudging along in the negative territory which adds to the bearish pressure.
Conclusion
The sentiment regarding Theta could flip in the coming days as the technical indicators are showing weakness. This could have a detrimental impact on the future prospects of the altcoin if the Theta bulls are not vigilant.
Support: $0.80-$0.70
Resistance: $0.90-$1
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
