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THETA bulls could go away with multiple timeframes flashing “sell”.

  • Theta price faces strong resistance at 161.8% Fibonacci expansion level at $ 11.34.
  • The Momentum Reversal Indicator (MRI) has triggered a “top preventive” signal, suggesting that the rally may be coming to an end.
  • A key daily candlestick close above $ 11.34 could trigger a bullish scenario for THETA.

The theta price rally could soon end if it approaches a significant resistance zone coupled with a sell signal.

The theta price is approaching the overhead barrier

The theta price has increased 300% in less than a month. That bull run could come to an end, however, as THETA approaches another crucial point in its rebound, the Fibonacci extension level of 161.8% at $ 11.34.

On the MRI indicator, a “preventive top” in the form of a yellow downward arrow flashed on the 1-day and 1-week charts. This setup predicted a correction of one to four candles.

Therefore, a combination of the Fibonacci expansion of 161.8% and the “top” signal from the MRI indicator could play a crucial role in ending the THETA bull rally.

If the correction played out, the theta price could decline 15% to $ 9.2. An overwhelming bearish pressure could extend that decline another 9% to $ 8.30.

THETA / USDT 1-day, 1-week chart

On the flip side, investors need to understand that sell signals tend to go broke in a strong bull trend. In addition, the MRI’s sell signal is “preventive” and there is a chance it could go broke.

If so, the theta price could quickly rise above the $ 11.34 mark, which coincides with the Fibonacci extension level of 161.8%. A critical close above this point could cause the theta price to rise 41% to 200% of the Fibonacci expansion level at $ 16.01.

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