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- 1 Theta Network price prediction suggests that the price is in a consolidation phase.
- 2 Theta Network price (THETA) is down by 1.83% in the last 24 hours and it currently trades at $0.58.
Theta Network price prediction indicates that bulls may drive momentum for a short time period before taking another drawdown. Theta Network price has started making doji and spinning top candlestick patterns after a decline, which indicates exhaustion in the selling pressure. The buyers might try to attempt to take over the game in their territory.
The daily chart also shows that the THETA price has been declining continuously in the past 6 months losing the gains. The buyers’ attempt turned into a pullback every time and the price experienced a continuous drawdown.
The price of THETA slumped almost 22% in August 2023 after suffering rejection from the upper boundary of the channel pattern formed on the daily chart. Recently, the Network crypto has formed a new swing low after the breakdown of the previous one.
Theta Network Price Prediction Using Price Action Strategy
The THETA price currently trades at $0.58 and the price is facing difficulty holding above the previous low.
Network price consolidated at the previous swing low and illustrated no signs of recovery till now. The breakdown of the consolidation may again trigger a drawdown in the price. The crypto price may experience a new swing low after it breaks to the downside.
The THETA coin has the dominance of sellers at the moment and the trend is favoring them. The buyers need to accumulate enough volume to halt the decline and make a trend shift.
THETA Price Forecast From Indicators’ Point of View
As per the EMA analysis, the THETA price is trading below the key moving averages, 50 and 200-day EMA, indicating that bears are dominating the trend.
The relative strength index (RSI) line has recovered from the oversold zone and is positioned below the 14-day SMA. This suggests a bearish crossover with the 14-day SMA, indicating a further decline in the price of in the near future. The present value of stochastic RSI is 35.3 points whereas the 14-day SMA is moving around 37.8 points.
MACD lines are showing a potential bearish crossover. Also, histogram bars are being formed above the mean line of negligible height indicating a consolidation in the crypto.
Conclusion
Theta Network price is in a downtrend and has formed a new low after breaking the previous one. The price is at $0.58 and struggling to stay above the consolidation zone. The daily chart shows doji and spinning top candles, which suggest selling exhaustion and possible buyer entry. The price needs more volume to reverse the trend and break the channel pattern. The sellers are dominant and the buyers are weak.
Technical Levels
- Support levels: $0.57 and $0.476
- Resistance levels: $0.67 and $0.75
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
