THETA Price Analysis: Token hits resistance level twice, what's next?

The token is trading below the demand zone on the daily time frame.
The pair of THETA/USDT is trading at the price level of $0.905 with a gain of 1.34% in the past 24 hours.

Theta token is in a long-term downtrend, with bears pushing the token’s price lower, forming lower highs and lower lows. The token has shown bullish momentum in recent days but is yet to break over the resistance level.

Theta on the daily time frame

On a daily time frame, the token is trading below the demand zone. According to the daily chart, Theta token is currently trading at $0.905, up 1.34% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token recently attempted but failed to break the resistance level of $0.961 and formed a strong bearish candle on the daily time frame.

Relative Strength Index: The asset’s RSI curve is currently trading at 59.97, indicating that it is in the overbought zone. The RSI curve has crossed below the 14 SMA, indicating bearishness. The rejection of the token from the resistance level has caused the RSI curve’s value to drop. If the token continues to decline in value, the RSI curve’s value may fall even further.

Analyst view & Expectations

The token was rejected at the resistance level, but it is still trading above the 50 EMA on a daily time frame. Investors are advised not to buy now and to wait for the token to break the resistance level and sustain in order to confirm the trend’s direction. Intraday traders, on the other hand, have a strong opportunity to go long if the token breaks above the resistance, or to go short if the token is unable to sustain above the 50 EMA and breaks the 50 EMA downward, and book profits based on their risk to reward ratio.

According to our current Theta Token price prediction, the value of Theta Token is expected to climb by 0.31% in the next few days, reaching $ 0.908608. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 51. (Neutral). Over the previous 30 days, Theta Token had 18/30 (60%) green days and 8.41% price volatility. According to our Theta Token forecast, now is not the time to buy Theta Token.

Technical Levels

Major support: $0.834

Major resistance: $0.961 & $1.027

Conclusion

On a daily time frame, the Theta token price has slipped below the demand zone. Theta token price is forming a bearish chart pattern, according to price action. Investors should wait for a clear indication before acting.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing