The THETA token has been seeing a slight increase in price of 4.14% in the last 24 hours.THETA price is trading within a descending channel on the daily timeframe. For the last few months, the price of THETA has been trading under the 200 EMA. Investors’ sentiments are currently influenced by bears. The descending flag pattern is often considered a forebear of a bull trend. Though this bullish indicator may not be sufficient for a change of trend. Observing the previous price pattern it has been taking constant rejection from the 100 EMA where its major resistance is 200 EMA.
The price of THETA is currently trading in the supply zone in a shorter time frame. The price is giving precise movements within a consolidation channel. Though the Oscillators have recently broken the consolidation which suggests that the price may soon be their lead.
THETA Price is Trending Within a Descending Consolidation Channel
Source: THETA/USDT by TradingViewThe price started its bull trend in early January where it gained more than 54% of its total value. The THETA made its last higher high near $1.300.The price despite making multiple attempts to cross above the 200 EMA was not able to succeed.
After breaking down below the trendline in early March, Theta Network’s price lost 21% of its overall value, making a lower low.
However, the bullish sentiments were proven to be temporary when after making a hammer pattern near its base support line of around $0.850, Theta Network gained the support of the buyers and made a bullish rally of 30%.
Technical Analysis of the THETA Price
Source: THETA/USDT by TradingView In the 4 Hr time frame, The RSI is at the present moment trading near its previous resistance level. The RSI line is moving around 60.49, while the 14 SMA is around point 46.40 points near the median line. The RSI line is predicted to see a bearish decline in the near future.
The Stochastic RSI is indicating a bearish reversal from the overbought levels. The %K line is in the initial stage of a negative interception. The current value of stochastic RSI is 98.49 points.
Conclusion
Presently the price of THETA is providing a good opportunity to capture the predictable moments made in the consolidation at the 4Hr time frame. It is taking resistance from the 100 EMA. If they are successful in diverting the trend of the price it can take a bearish correction of 6% within a few days according to the shorter timeframe.
Technical levels –
Support -$0.939
Resistance – $1.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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
Latest posts by Andrew Smith (see all)
