TL;DR Breakdown
- Price dropped down to $3.347.
- Theta price analysis shows downtrend.
- Support stands at $2.312 extreme.
The most recent Theta price analysis predicts a decreasing trend for the day as the price covered a declining movement in the last 24-hours. Red candlestick is indicative of a sharp decline in coin value because of the bearish turnover. Although a bullish stream was following the market earlier this week, today’s trend has been relatively disappointing for the buyers. The THETA/USD value now stands at $3.347 low because of the downtrend.
THETA/USD 1-day price chart: Bearish resistance causes loss up to $3.347
The one-day Theta price analysis gives a bearish indication regarding today’s price movements. The price showed a downward inclination during the past 24-hours because of the sudden bearish return. The red candlestick on the one-day price chart hints at a major loss for the cryptocurrency. Although the bulls were winning successively in the previous week, today, the price declined up to $3.347. Still, the current price stands higher than its moving average (MA) value of $3.133.
The volatility is on the decreasing side, which is a positive signal regarding the future market trends, and the price might receive a bullish uplift. Discussing the upper and lower values of the Bollinger bands indicator, the upper band shows a $3.786 value, whereas the lower band displays a $2.312 value. The Relative Strength Index (RSI) graph presents a descending curve, and the score has been reduced to 49.12.
Theta price analysis: Downswing follows as bears push price down to $3.347
The four-hour Theta price analysis predicts a strong bearish trend for the market as the sellers have been controlling the price flow for the past few hours. A series of red candlesticks marks the four-hour price chart, thus confirming a downtrend. The short-term trending line now confirms the downward trend in the hourly price chart. The bearish wave has reduced the coin value up to $3.347. Because of the previous uptrend, the moving average value sits quite high, i.e., at $3.523.
The Bollinger bands are now making an average of $3.450. At the same time, their upper edge is present at $3.67 high while their lower edge touches $3.221 low. Meanwhile, the RSI score experienced a drastic decline to 49.97 because of the unexpected bearish pressure. A further decrease in THETA/USD value is expected in the next few hours.
The past few weeks proved to support the bears as the price experienced a downward growth. The general analysis leads the cryptocurrency sellers, which is further confirmed by the technical indicators chart. There is a selling hint with 12 selling points, eight on the neutral, and six on the buying point.
Furthermore, the moving averages indicator shows a downtrend because of the price decrease. We can see that nine indicators are on the selling edge, five on the buying, while only one indicator is on the neutral edge. The Oscillators are dictating a bearish trend as well. There are seven oscillators on the neutral spot, three on the selling spot, and one oscillator present on the buying spot.
Theta price analysis conclusion
The 1-day and 4-hour Theta price analysis support the bears, as the price underwent a considerable decline. The bearish momentum is intensifying, which is why the coin value is now resting at a $3.347 low. A further drop in the market value of THETA/USD is highly expected in the span of the next few hours.
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Source: https://www.cryptopolitan.com/theta-price-analysis-2022-02-08/