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- Theta network hit a fresh yearly low at $0.715 and formed a mild bullish reversal candle.
- MACD is approaching the signal line and may generate positive crossover in coming days.
Theta price is trading with the mild bearish cues and bulls were searching for a stability in the lower levels at $0.711. However, As per coinglass, In the last 12 hours, Theta derivative data suggest longs and shorts ratio stood at 0.92 which denotes mild bearishness in coming days. Currently, THETA/USDT is trading at $0.768 with the intraday loss of 0.26% and 24 hour volume to market ratio 0.0096
Short term rally in THETA possible ?
On a daily time frame chart, Theta had been slowly and steadily heading downwards forming lower low swings and bearish pattern formation. In the end of October, bulls gained some positive momentum from the support zone of $1.000 and showed initial signs of bullish trend reversal but after a little bit of upside momentum, it faced resistance at $1.330 which triggered massive selling and prices slipped below $1.000 support level. Later bears drags the prices furthers down towards $0.711
The 200 day ema (green) sloping down indicates trend may remain weak on a positional basis whereas the 50 day ema (pink) at $0.893 will act as an immediate resistance in coming days followed by next hurdle will be $1.010 and $1.330. The MACD line is joined with the signal line and may generate positive crossover in coming days, whereas the RSI at 37 reversing upside from the oversold levels.
Will the supertrend turn bullish in the coming weeks ?
On a lower time frame, THETA/USDT chart is similar to the higher time frame and bears dominance is visible on higher levels. The supertrend indicator had generated a sell signal and kept on dragging the price down. As of now, Theta prices found some stability near the support zone of $0.711 and formed a bullish hammer candle indicating bulls were attempting to reverse the trend in the favor of bulls.
Summary
Theta prices had been very stable in the past couple of months but sellers had succeeded to take control over $1.00 level which will now act as a strong resistance zone in coming days. The technical indicators had shown minor signs of bullish trend reversal but prices may lack momentum on higher levels. As of now $0.711 will act as a savior for bulls and if price slips below $0.711 we may see further weakness towards $0.500 level.
Technical levels
Resistance levels : $1.010 and $1.330
Support levels : $0.711 and $0.500
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
