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- Theta Price rejected the 50 day EMA and continued the downward momentum while forming lower low swings.
- Theta price formed bullish hammer candle from the support level of $0.706 but do not show strong signs of reversal
Theta Network crypto price is trading with mild bearish cues and likely to remain in bear grip. Meanwhile,the bulls had shown its presence by forming bullish hammer candle at lower levels.Currently, THETA/USDT is trading at $0.726 with the intraday loss of 0.41% and 24 hour volume to market ratio stood at 0.0199
Temporary relief rally possible ?
On a daily time frame, Theta prices had broken down its important support level of $1.000 with the strong bearish candle and continued its downward momentum while forming lower low swings. In October, prices took support near $1.000 and gained some positive upside momentum and prices shot up almost 30% and hit a high at $1.337 which created a hope for bullish traders but unfortunately, prices were unable to sustain higher levels and collapsed down with the strong momentum and prices slipped below $1.000 level.
Later, bulls tried to reclaim $1.000 level but it turned out to be resistance and prices continued its further downside movement. As of now prices were near to $0.700 and the 50 day EMA (yellow) at $0.850 will act as an immediate hurdle for bulls followed by next will be at $1.000 level. On a lower side $0.500 might be a temporary support in coming sessions. The MACD line is on the way to negatively cross the signal line indicates bearishness may continue for some more time whereas The RSI at 34 may test oversold territory soon.
Buyers seem to be reluctant at lower levels
On a lower time frame, Theta prices are consolidating in the tight range between $0.700 to $0.800 and likely to see expansion on either side soon. The supertrend indicator had generated a sell signal indicating the short term trend may remain in a bear grip, however if bulls succeed to trade above $0.800 we may see upside movement towards $1.000 again.
Summary
Theta prices have slipped below the important support of $1.000 which triggers negative sentiment in the prices and buyers seem to be reluctant to accumulate at lower levels. As per technical analysis, prices do not show any strong signs of upside trend reversal so it’s better to avoid Theta at current levels.
Technical levels
Resistance levels : $1.000 and $1.300
Support levels : $0.700 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.
