Theta Network Price Analysis: Theta respects the long-term sloping trendline, but the bulls don’t want to lose hold.
- Theta Network coin has been performing poorly inside a bearish trend line since early March.
- Theta coin is showing below important exponential moving averages (such as 20, 50, 100, and 200 EMA) on the daily price chart.
- Theta/BTC pair price is trading at 0.00007584 satoshis, which is up 4.2%.
The Theta Network coin has been facing a decline since early March, so the crypto has lost 75% of its cost so far. During the downtrend, the bulls saw a 2022 low at $2.8, which is still valid as a hedge for buyers.
Theta network appears to be in a recovery phase by displaying a descending triangle pattern in theta’s price action, in which the crypto price remains above an upward trend line (blue) and below a bearish trend line for a long period of time.
The Theta coin is looking bullish at $3.07 at the time of writing, with an inside candle in the weekly chart. Thus, buyers are celebrating a more than 10% increase in market capitalization in the past 24 hours to the presence of $3.06 billion according to CMC. Moreover, the THETA/BTC pair is trading at 0.00007584 satoshis, up 4.2%.
On the weekly price chart, the 100 EMA (close to $4.0) was a strong selling zone for the bears. Likewise, Theta Coin’s daily price graph sees below the all-important EMA. However, low liquidations have worried traders. And last night the neutral trading volume was $187 million.
What is the most recent resistance?
A $3.5 mark suggests the most recent bullish hurdle for the THETA holders.
MACD indicator moves into negative territory after a bearish crossover but sees flats. Moreover, the daily RSI indicator moved towards the semi-line (50 points) after receiving rejection twice.
Theta Network coin is slightly above the following Bullish trendline, but the 100 EMA, as well as a Downsloping trend, remains as a Bullish barrier for near positions. There could be solid bullish momentum after a breakout of the triangle pattern.
Resistance level- $4.5 and $6.0
Support level- $2.5 and $2.0
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.